Russia has concluded plans to introduce a six-month ban on petrol exports from the 1st of March with a view to ensuring that it has enough fuel to meet domestic demand, the government disclosed on Friday morning.
Africa Today News, New York understands that despite being the world’s third largest oil producer, Russia has continued to suffer sporadic fuel shortages since the summer of last year amid high demand and repair works on refineries.
Wholesale gasoline prices have risen since the start of the year, a problem exacerbated by repeated Ukrainian drone attacks on oil refineries.
“Restrictions on petrol exports are introduced for six months, from 1 March to 31 August,” the government said in a statement.
It said the move was aimed at “maintaining a stable situation on the fuel market during a period of high demand associated with spring agricultural works, the holiday season and scheduled repairs of oil refineries.”
The Kremlin is also keen to avoid fuel shortages on the domestic market ahead of elections next month, in which President Vladimir Putin is seeking to extend his grip on power.
Russia announced a similar export ban on diesel and petrol last year, after farmers in some regions were unable to harvest grain due to fuel shortages.
Meanwhile, the Federal Government of Nigeria has asserted that contrary to some recent reports on the internet, no International Oil Companies (IOCs) have left Nigeria.
Heineken Lokpobiri who is the Minister of State for Petroleum Resources (Oil), who clarified on Tuesday said the IOCs only shifted their portfolio and investments offshore.
He made this assertion while speaking during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at the Presidential Banquet Hall in Abuja.
According to the minister, the government would gain from some of the oil corporations’ divestitures since they would be investing more in deep offshore.