Russia Secures Sufficient Fuel Volumes for Domestic Market, Deputy PM Novak Says

MOSCOW, June 26. /TASS/. Sufficient fuel volumes have now been secured in Russia to supply the domestic market, Deputy Prime Minister Alexander Novak told TASS.

"We have sufficient fuel on the market," he said when asked whether reserves are sufficient and whether an increase in supply should be expected.

The authorities are currently restructuring logistics within the fuel market to meet demand, Novak said, adding that balancing the market will take some time.

"The system’s logistics links are currently being restructured considering demand. Rebalancing the market will take some time," he said when asked when the process would be completed and whether an increase in supply should be expected.

Novak described the situation in the Russian fuel market as challenging but under control at a meeting with Russian President Vladimir Putin on June 23. The government is taking all necessary measures to ensure a stable fuel supply for consumers, having developed a set of measures aimed at securing additional fuel supplies for the summer season to meet heightened demand, the official added.

Deputy Prime Minister also announced that the authorities had already imposed a total ban on the export of gasoline and jet fuel and were considering a complete ban on diesel exports. Moreover, the cabinet has prepared amendments to tax legislation to encourage fuel supplies to the domestic market. Vertically integrated oil companies have maximized production and supply volumes, while scheduled refinery maintenance has been postponed.