Russia has now ensured sufficient fuel supply for the domestic market, Russian Deputy Prime Minister Alexander Novak shared with TASS news agency.
There is enough fuel for the market now," he said when asked if current inventories meet demand and whether supply will continue to increase.
According to Deputy Prime Minister Novak, Russian authorities are restructuring the logistics system in the fuel market to meet consumption demand. He also noted that the market rebalancing process will take more time.
The logistics links in the system are being restructured to suit the needs. Rebalancing the market will take a while," he said.
At a meeting with Russian President Vladimir Putin on June 23, Mr. Novak assessed that the situation in the Russian fuel market is currently difficult but still under control.
He said that the government is implementing all necessary measures to ensure a stable fuel supply for consumers.
According to the Russian Deputy Prime Minister, the government has developed a package of measures to ensure more fuel supply in the summer, when demand is usually high.
Russian Deputy Prime Minister Alexander Novak also said that Russian authorities have imposed a complete ban on gasoline and aviation fuel exports, and are considering a complete ban on diesel oil exports.
In addition, the Russian government has prepared amendments to tax laws to encourage businesses to prioritize fuel supply to the domestic market. Vertical integrated oil and gas enterprises have increased production and supply volume to maximum levels, while periodic maintenance plans at oil refineries have also been postponed.
Regarding the details of the diesel export ban from manufacturers, Deputy Prime Minister Alexander Novak revealed that Russia is considering applying a short-term ban, lasting several months, to export activities. He pointed out that Russia is having a surplus of diesel supply and this measure is aimed at ensuring that a larger amount of fuel is retained for the domestic market.
We are considering a short period of time. Russia currently has a surplus of diesel oil, so just applying measures in a few months is enough to increase supply to the domestic market and supplement reserves," he said.
In early June, the Russian government imposed a temporary ban on the export of kerosene aviation fuel, effective until November 30, 2020. This measure aims to ensure the stability of the domestic fuel market.
