Russia extends gasoline export ban until Oct. 31

Russia on Wednesday extended the gasoline export ban until October 31 in an effort to lower fuel prices, which have spiked following Ukrainian attacks on refineries.

The decision was made regarding gasoline exports to stabilize the domestic market, the Russian government announced in a statement.

Gasoline export bans are extended to October 31 for both producers and non-producers, and restrictions on producers are planned to be lifted starting October 1, it added.

Following record-high prices domestically, the Russian government temporarily banned gasoline exports on July 28 until August 31. Despite this, prices continued to rise.

The country experiences periodic increases in gasoline prices due to oil refineries being targeted by unmanned aerial vehicle (UAV) attacks by Ukraine and increased demand, particularly in the agricultural sector.

Russia, one of the world's largest energy exporters, produces over 40 million tons of gasoline each year.