Russian fuel market situation remains tense — Novak

Business & Economy July 07, 15:57

Earlier, the deputy prime minister said that Russia had accumulated sufficient fuel reserves to supply the domestic market, but panic buying had led to a 20-30% increase in demand

MOSCOW, July 7. /TASS/. The situation on the domestic fuel market remains tense amid the summer demand peak and unscheduled refinery repairs, Russian Deputy Prime Minister Alexander Novak told a meeting at the government's situation center.

"The current situation, given the summer peak in demand and unscheduled refinery repairs, remains tense," he said.

Earlier, the deputy prime minister told TASS that Russia had accumulated sufficient fuel reserves to supply the domestic market, but panic buying had led to a 20-30% increase in demand. He added that restructuring the system's logistics to meet these needs would take some time. Novak also stated that a short-term ban on diesel exports for producers, lasting for a few months, could be imposed to replenish domestic supplies.

Russian President Vladimir Putin said that the authorities, together with oil companies, had prepared additional proposals to ensure domestic fuel supplies. He noted that Russia had begun using its fuel reserves, but gasoline reserves in the country were virtually unchanged from last year's levels. The head of state also announced that the need to introduce a complete ban on diesel fuel exports was being considered.

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