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There is so much trouble in Russia that they can ban the export of oil products

The other investigated alternative is levied on oil products increasing the export duty to $250 per ton, however, the increased duty would be refunded to companies that comply with Energy Department quotas for shipping petroleum products to the domestic market.

The current fuel shortage in Russia can be attributed to several factors, such as refinery upgrades and the deterioration of the ruble. According to Reuters market sources, the situation may worsen in the next period.

The rise in gasoline prices has been a problem in the country for a long time: at the end of August, for example, it was announced that Russia would reduce its oil exports by 300,000 barrels per day in September, and already in August they exported 500,000 barrels less. Alexander Novak, Russia’s deputy prime minister responsible for energy affairs, said that since these quantities were lacking in domestic markets, prices at oil exchanges and gas stations rose sharply at the end of July.

Some Russian regions have also complained that they are not getting enough fuel.

Novak added: although in principle there is enough oil available, however, it is necessary to stabilize the market until the end of the agricultural season.

Source: Reuters

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