Russia is not ruling out introducing quotas on the export of oil products to stabilise gasoline prices, Russian Deputy Prime Minister Alexander Novak said on Friday, according to state media, as gasoline wholesale prices hit an all-time high.

“In principle, it is being considered. But there are other proposals too. We need to weigh the pros and cons,” he replied to a question on possible quotas for oil products exports, the RIA news agency reported.

He added that some refineries had postponed planned maintenance to a later date to meet rising demand.

An increase in production at refineries could facilitate Russia’s pledge to cut crude oil exports by 500,000 barrels per day in August in order to prop up the global oil market.

Average gasoline prices at Saint-Petersburg International Mercantile Exchange (SPIMEX) rose on Wednesday by 1.8% to 62,653 roubles ($694.5) per tonne, reaching a new all-time high.

Retail fuel prices have been relatively stable as they are being regulated by the state.
Source: Reuters (Reporting by Reuters; editing by Andrew Osborn and Jason NeelyGreat, thanks)