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(Bloomberg) — Russian President Vladimir Putin said fuel supply problems persist for motorists and businesses, including queues at gas stations, as Moscow weighs measures to stabilize the domestic market after refinery outages.
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“You know very well that problems for motorists and businesses persist. Unfortunately, there are also queues at gas stations,” Putin said at a late Sunday televised meeting with oil executives and government officials. “The right grade of gasoline isn’t always available right now.”
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Putin confirmed that a full ban on diesel exports is among the measures under discussion, while warning against steps that could create new problems for oil producers like diesel overstocking. “We have gathered here to prevent any steps that may be unnecessary. We should not create additional issues for ourselves,” he said.
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Russia’s Energy Ministry advised against banning diesel exports for now, after a meeting of oil producers and government authorities on Friday, Tass reported, citing Deputy Prime Minister Alexander Novak. The government will reassess the situation on Monday, the news service cited Novak as saying on Sunday.
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When Russia introduced a full ban on diesel exports in 2023, it lasted only two weeks, as major oil producers that normally export the fuel were unable to redirect volumes to domestic consumers and faced overstocking.
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Putin said gasoline reserves remain close to last year’s level even as stockpiles are being used to stabilize supply. Gasoline inventories stood at 1.7 million tons, down 4% from the same period a year earlier, while fuel production should exceed June levels as early as July, he said. Capacities of oil refineries are used at their maximum levels, president added.
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Novak earlier also said Russia will decide next week whether to extend a zero import-duty rate on gasoline and will keep exporting gasoline under intergovernmental agreements in volumes that do not harm the domestic market, according to the report.
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The government has also decided to reduce the mandatory exchange-sales requirement for gasoline to 10%, Novak said. Russia has a temporary ban on gasoline exports in place until July 31.
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Moscow is weighing a range of measures to support its domestic fuel market after Ukrainian drone strikes on refineries reduced fuel production. The government has greater scope to curb diesel exports than gasoline because diesel has historically been Russia’s surplus fuel, with roughly 40% of domestic output going to foreign markets.
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A diesel export ban could further tighten already strained global fuel markets, which are facing supply disruptions as a result of the Iran war.
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Russia accounted for about 11% of global diesel supplies last year, according to Bloomberg calculations based on data from analytics firm Vortexa Ltd.
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