Russia to Reinstate Gasoline Export Ban from August 1 Amid 44% Price Surge, AI-95 Shortage

Jul 23, 2024, 11:50 AM

Russia is reinstating its gasoline export ban starting August 1, following a temporary lift in June. The ban, initially introduced in March due to Ukrainian drone strikes on oil refinery infrastructure, aims to address the ongoing domestic gas shortages. Russian media report that gas prices have surged by up to 44%, with a chronic shortage of AI-95 gasoline. The cost of AI-92 has also been affected. Deputy Prime Minister Novak mentioned that the ban could extend into September and October. Traders have noted a persistent shortage in the market, exacerbating the situation.