Russia has lifted restrictions on gasoline exports, the Energy Ministry said on Friday, after lifting most restrictions on diesel exports last month, saying falling wholesale prices had led to an oversupply.

Russia’s ministry said it could reinstate the export ban if necessary, adding that gasoline stocks had risen to about 2 million tons.

“Over the past two months, while maintaining large volumes of oil processing… saturation of the domestic market was ensured and a surplus of gasoline supply was created. A decision was made to cancel the temporary ban on the export of gasoline,” the Ministry of Energy in Moscow reported.

Russia, the world’s largest exporter of marine diesel fuel, imposed a fuel export ban on September 21 to address high domestic prices and shortages.

Only four former Soviet states – Belarus, Kazakhstan, Armenia and Kyrgyzstan – were exempted.

The government eased restrictions on October 6, allowing diesel exports through pipelines, but kept measures in place on gasoline exports.

At that time, the transportation of diesel and other fuel abroad by road and rail remained prohibited.

The lifting of the ban could complicate Russia’s efforts to cut oil and petroleum product exports by 300,000 barrels per day by the end of the year compared to the average level in May and June.

However, Russia has confirmed that it will continue its voluntary supply cuts until the end of December, as it previously announced in coordination with the OPEC+ group of exporters.

Diesel fuel is Russia’s largest export of petroleum products, about 35 million tons last year. Almost three quarters of them were transported by pipelines. Also, in 2022, Russia exported 4.8 million tons of gasoline.

Industry sources told Reuters the government was ready to lift the remaining restrictions in mid-November.

Officials said the ban would be lifted once the domestic market stabilizes. Analysts expected the restrictions to be lifted after the grain harvest is over. (Source: News.ro)