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Russia’s Fuel Market Stabilising amid Export Ban: Novak

OIL PRODUCTS

Russia’s export ban on diesel and gasoline helped to stabilize the domestic market, according to Russia’s Deputy PM Alexander Novak and reported by Bloomberg.

  • Domestic stockpiles since the ban’s implementation have risen by 430k mt
  • There has been a significant fall in the wholesale prices across Russia’s regions. On the exchange, Russian gasoline Ai-92 grade prices fell 1.94% on Oct. 2 according to Reuters, while diesel prices were down 4.97% on the day.
  • Meanwhile, Oil companies are concerned about a lack of storage for winter diesel if the summer grades cannot be exported abroad, according to Platts.

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