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Frenzy in Russia’s fuel market has artificially driven up demand by 20-30% — Novak

The official described the situation in the Russian fuel market as challenging but under control

MOSCOW, June 26. /TASS/. The frenzy in the Russian fuel market has led to an artificial surge in demand of around 20-30%, Deputy Prime Minister Alexander Novak told TASS.

"There is quite a lot of hype, which has artificially boosted demand by around 20-30%," he said.

Authorities in several Russian regions have reported panic buying of fuel in recent weeks. Against this backdrop, some gas stations have introduced limits on the amount of gasoline and diesel that can be purchased by a single customer.

Novak described the situation in the Russian fuel market as challenging but under control at a meeting with Russian President Vladimir Putin on June 23. The government is taking all necessary measures to ensure a stable fuel supply for consumers, having developed a set of measures aimed at securing additional fuel supplies for the summer season to meet heightened demand, he added.

Deputy Prime Minister also announced that the authorities had already imposed a total ban on the export of gasoline and jet fuel and were considering a complete ban on diesel exports. Moreover, the cabinet has prepared amendments to tax legislation to encourage fuel supplies to the domestic market. Vertically integrated oil companies have maximized production and supply volumes, while scheduled refinery maintenance has been postponed.