MOSCOW, February 3. /TASS/. The situation on Russia’s fuel market stabilized in the fall, with reserves sufficient to supply the domestic market, Deputy Prime Minister Alexander Novak said, adding that without lifting the ban on Russian exports, the country would have to reduce oil refining.
"Regarding the situation on the petroleum products market, I would disagree that it remains tense. It stabilized back in the fall. We currently have sufficient supplies of both gasoline and diesel fuel," he said at a meeting of the Federation Council Economic Policy Committee.
The country has a surplus of gasoline on the domestic market, Novak said, adding that without the decision to resume fuel exports from February 1, the country would have to reduce refining
"The balance of supply and demand has stabilized. Moreover, we now have a surplus. Previously, we closed the market to ensure domestic market saturation, whereas today, if we don't open markets for products from major producers, not resellers, this could simply lead to us becoming overstocked and having to reduce oil refining volumes," he explained.
Earlier, the Russian government granted early permission for gasoline exports for producers, while maintaining a temporary ban on non-producers exporting gasoline, diesel, and other fuels until the end of July.