Fuel price forecasts face scrutiny as Russia extends petrol export ban

The Russian government has announced the extension of a temporary ban on petrol exports until February 28, 2025.

The decision, which was confirmed by the office of Russian Deputy Prime Minister Alexander Novak, will not apply to supplies made by direct manufacturers of petroleum products, Caliber.Az reports citing Russian media.

Initially set to expire at the end of January, the restriction aims to stabilize the domestic fuel market, support the oil refining sector, and combat the grey export of motor gasoline. This move is part of Russia's broader efforts to ensure a steady supply of fuel within the country amid ongoing economic challenges.

Additionally, the Russian Federal Antimonopoly Service (FAS) has imposed a ban on auto experts commenting on fuel prices, warning that such statements could violate competition laws. The FAS cautioned that fuel price forecasts for 2025 might influence future petrol costs, leading to a potential market imbalance. Several auto experts, including Anton Shaparin, vice-president of the National Automobile Union (NAU), have been formally warned as a result.

Earlier reports indicated that petrol prices in Russia are expected to rise significantly in 2025, adding further pressure on consumers and the national economy.

By Vafa Guliyeva