Russia ready to ease diesel export ban, report states

According to a report by the Kommersant daily, citing unnamed sources, Russia’s government may mitigate a ban on diesel exports in the upcoming days.

The media said that the ban might be lifted only on pipeline exports of diesel, while volumes might be subject to quotas to avoid a spike in wholesale prices.

On the other hand, the ban on exports of gasoline will remain in place for the time being.

The media also said that Deputy Prime Minister Alexander Novak was expected to hold a weekly meeting later today with oil companies, at which the possible easing of the export ban would be discussed.

Last week, the Deputy Prime Minister announced that the government could impose quotas on fuel exports, in case a previously imposed complete ban on cross-border supplies did not succeed in reducing high prices of diesel and gasoline.

Gasoline prices have dropped by nearly 10% and those of diesel – by 23%, on the local exchange since the ban was imposed on September 21st.

Yesterday Novak said there would be no time frame set for the fuel export ban.

Diesel is Russia’s most important oil product export. Last year, the country exported nearly 35 million tonnes of diesel and 4.8 million tonnes of gasoline.