Russia considers gasoline export ban

The Russian government is considering implementing an export ban on gasoline, informed sources told Reuters on Tuesday. The move is said to be a precautionary measure to prevent domestic fuel shortages and price hikes.

Industry and government sources also said the government may increase volumes of mandatory gasoline sales on the commodity exchange.

Russian oil exports to China increased on an annual basis by 8.6 percent in April as larger private refiners embarked on price-cutting oil purchases.

Russian oil products have been subject to a price cap since this May’s G7 meetings.