Russian TASS news agency quoted a source as saying that the government is considering imposing a complete ban on the export of oil products for a specific period of time to achieve stability in fuel prices locally.

According to TASS, among other options under study is increasing export fees on oil products to $250 per ton.

The Russian Interfax news agency quoted sources as saying that these fees will be repaid to companies that will comply with the quotas set by the Ministry of Energy regarding the supply of oil products to the local market.

The domestic fuel deficit in Russia, one of the world’s largest oil producers, is due to refinery upgrades, infrastructure bottlenecks and the decline in the value of the ruble since Russia’s invasion of Ukraine in February 2022, which raised borrowing costs.

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