PRA COMMENTS ON THE EUROPEAN UNIONS BAN ON RUSSIAN EXPORTS
PRA 17/05/2022
“The oil industry’s move to voluntarily embargo Russian diesel ahead of a full phasing out by the end of 2022 is the right decision. However, this in tandem with a pending European Union ban on Russian exports is expected to further tighten global supplies and consumers will start to notice higher pump prices,” said Gordon Balmer, Executive Director of the Petrol Retailers Association.
ENDS
- Russia’s invasion of Ukraine and subsequent sanctions has significantly influenced supply, with prices rising over 35% so far this year
- The UK imports 40% of its Diesel, 18% of it coming Russia (as of January 2022
About the RMI
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.