The Russian Energy Ministry may decide on the gasoline export ban shortly and all the relevant regulatory documents are ready, the Moscow-based TASS news agency reported on Monday citing the Deputy Energy Minister Pavel Sorokin.
"The regulation for the temporary ban is ready. We are now looking at the details and daily dynamics. Volumes increased and prices started declining over the last two days on the exchange. Therefore, all the documents are ready, we will get a regulatory impact assessment and we will be ready to file for a temporary ban, subject to compliance with all international agreements," Sorokin told reporters.
The decision will be made on the basis of the exchange fuel price increase or decline and market saturation with fuel volumes, the Sorokin said, adding that "if there is no improvement, we will make the decision in the coming days."
The Ministry of Energy also believes that the situation on the fuel market must be resolved through market means, through the floating duty system and saturating the domestic market with fuel, according to the report.
“This should not be done to the detriment of companies, we must create long-term predictability,” Sorokin added.
Gasoline export restrictions in Russia were last imposed during the 2011 fuel crisis. Back then, the Russian authorities introduced an export duty on gasoline and naphtha in the amount of 90% of the oil duty.