Daijiworld Media Network - Moscow

Moscow, Mar 28: The Government of Russia on Friday announced a ban on gasoline exports starting April 1, aiming to prioritise domestic supply and stabilise fuel prices amid global market volatility triggered by the ongoing West Asia conflict.

The decision followed a high-level meeting chaired by Deputy Prime Minister Alexander Novak to assess the situation in the domestic petroleum market. During the meeting, Novak noted that the crisis in West Asia has led to fluctuations in global oil and fuel prices, even as demand for Russian energy exports remains strong.

The move is also in line with directions from President Vladimir Putin, who has emphasised the need to ensure that domestic fuel prices do not exceed projected levels.

According to the Ministry of Energy of Russia, oil refining rates remain steady at March 2025 levels, ensuring stable supply of petroleum products within the country. Officials also confirmed that companies maintain adequate reserves of gasoline and diesel, along with high refinery capacity utilisation to meet domestic demand.

Following the review, Novak instructed the ministry to prepare a resolution enforcing the export ban from April 1, 2026, to ensure price stability and prioritise local consumption.

Meanwhile, in India, the Ministry of Petroleum and Natural Gas assured that the country has sufficient reserves of crude oil, petrol and diesel despite global disruptions.

At a joint briefing, Joint Secretary Sujata Sharma said India currently has adequate crude inventories, with fuel supplies secured for the next two months. She added that refineries are operating at full or above capacity, and domestic LPG production has increased by around 20 per cent.

She acknowledged that the ongoing West Asia conflict has impacted global supplies and driven up international prices of crude oil, LPG and LNG, but stressed that the government has taken calibrated steps to maintain stability in domestic supply.