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Russia ends temporary ban on diesel exports

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Russia lifted a temporary ban on diesel exports on Wednesday, saying the two-month restrictions had been successful in bringing down rising fuel prices on the domestic market.

Moscow suspended the export of diesel and gasoline products in September in a move that roiled global markets.

The energy ministry said it had taken measures to boost supplies inside Russia and bring down rising prices that were hitting drivers and businesses across the country.

On Wednesday, it said it was removing the restrictions after prices had dropped and domestic reserves had grown 14 per cent to 3.2 million tonnes during the two months when exports were curtailed.

It follows the lifting last month of restrictions on Russia’s seaborne diesel exports, which make up the majority, and last week’s removal of a suspension on gasoline exports.

Russia’s top oil companies had in recent days called on the government to lift the restrictions.

Russian pump prices had surged over the summer, contributing to a rise in domestic inflation that has worried the Kremlin.

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