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Russia to ban gasoline exports for six months from March 1

IANS | February 27, 2024 02:32 PM

MOSCOW: Russia will introduce a six-month ban on gasoline exports, beginning March 1, a spokesperson for Russian Deputy Prime Minister Alexander Novak said on Tuesday.

Talking to reporters, the spokesperson said the move aims to offset the growth in demand in spring and summer and another possible measure is to increase the diesel sales rate on the stock exchange to 16 per cent, Xinhua news agency reported.

The restriction will not apply to the countries in the Eurasian Economic Union, the report said.

Previously, Russia introduced a ban on gasoline exports from September 21 to November 17 in 2023 to stabilise the price situation in the domestic motor fuel market.

The ban was lifted after the domestic fuel market reached saturation and a supply surplus was established.

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