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Russia considers temporary fuel export ban due to domestic crunch

(Reuters) - The Russian government is considering a complete ban on the export of oil products for a certain period of time in order to stabilize domestic fuel prices, the TASS news agency reported, citing a source.

Another option under consideration is an increase in the oil products export duty to $250 per ton, it said.

The duty will be reimbursed to those companies that comply with the ministry of energy quotas for supply of petroleum products to the domestic market, the Interfax agency said, citing sources.

The domestic fuel shortage in Russia - one of the world's biggest oil producers - has been a result of modernization works at refineries, infrastructure bottlenecks and a weaker rouble following Russia's invasion of Ukraine in February 2022 that raised borrowing costs.

Market sources told Reuters in late August that the situation may get worse in coming months.

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