After Russia restricted the export of diesel and gasoline, fuel prices in Europe have risen – The Guardian

After Russia restricted the export of diesel and gasoline, fuel prices in Europe have surged.

This information reported according to The Guardian.

Diesel prices in Europe have jumped by 5% and surpassed $1,000 per ton. Meanwhile, the cost of Brent crude oil increased by 1% to $94 per barrel.

Earlier, Russia experienced a sharp increase in diesel and gasoline prices due to rising global prices and the diversion of some fuel to external markets. On September 21, Moscow imposed a ban on the export of diesel and gasoline.

On Thursday, September 21, the Russian government announced temporary restrictions on the export of gasoline and diesel fuel to stabilize the domestic market. Prime Minister Mikhail Mishustin signed the corresponding document.

The document prohibits the export of gasoline commodity groups and diesel fuel from the country, including those purchased at exchange auctions, with some exceptions that have a minor share in total exports.

The government’s statement on its website notes that these temporary restrictions will help saturate the fuel market, which, in turn, will lower prices for consumers in Russia.