Ayobamiji Komolafe 
The Russian government has announced its plan to reimpose a ban on petrol exports for an additional six months, starting from September 1 to December 31, 2024.
The ban imposition announced on Wednesday is an effort to stabilize the domestic fuel market following a significant price increase.
The government emphasised that the export restriction aims to maintain price stability “during a period of continued seasonal demand and planned repairs on oil refineries.”
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The new ban follows a previous six-month restriction that was briefly lifted between May and July when the domestic market was deemed saturated.
The export ban will not affect shipments under intergovernmental agreements with Eurasian Economic Union member countries; Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
Despite its vast energy reserves, Russia implemented similar bans on diesel and petrol last year in response to rising pump prices and the impact of sanctions on the ruble’s value.
In 2023, Russia produced 43.9 million tonnes of petrol.
