Russia announces export ban on gasoline from April 1, citing priority supplies to domestic market, price stabilisation

The Government of Russia on Friday local time announced a ban on gasoline exports starting April 1 aiming to prioritise domestic supplies and stabilise fuel prices amid global market turbulence due to the ongoing conflict in West AsiaThe announcement followed a meeting chaired by Russian Deputy Prime Minister Alexander Novak to review the situation in the domestic petroleum product marketAccording to a statement issued by the Government of the Russian Federation Novak highlighted that the ongoing crisis in West Asia is causing significant fluctuations in global oil and petroleum product prices although demand for Russian energy abroad remains strongDuring the meeting particular emphasis was placed on the objective set by Russian President Vladimir Putin to prevent domestic fuel prices from rising above forecasted levelsThe Russian Ministry of Energy reported that oil refining rates remain consistent with March 2025 levels ensuring a stable domestic supply and that industry companies have sufficient gasoline and diesel reserves along with high refinery capacity utilisation to meet internal demandParticular attention was paid to the objective set by the Russian President of preventing domestic fuel prices from rising above forecasts The Ministry of Energy reported on the current situation in the domestic fuel market oil refining rates remain at the March 2025 level ensuring stable supplies of petroleum products Industry companies confirmed the availability of sufficient gasoline and diesel fuel reserves as well as high refinery capacity utilisation to meet domestic demand the statement readFollowing these discussions Novak instructed the Ministry of Energy to draft a resolution banning gasoline exports from April 1 2026 to stabilise domestic prices and guarantee priority supply to the local marketFollowing the meeting Alexander Novak instructed the Ministry of Energy to prepare a draft resolution banning gasoline exports from April 1 2026 in order to stabilise prices and ensure priority supplies to the domestic market the statement addedEarlier in the day the Ministry of Petroleum and Natural Gas reiterated that India has sufficient stock of crude oil petrol and diesel while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflictSpeaking at a joint interministerial briefing Sujata Sharma Joint Secretary Marketing amp Oil Refinery said the country currently maintains adequate crude inventories with fuel supplies secured for the next two months and added that refineries are operating at full or above capacity and domestic LPG production has increased by around 20 per centHighlighting the impact of global tensions she noted that crude oil LPG and LNG supplies were affected and international prices have risen However the government has taken multiple calibrated measures to manage the situation effectively and ensure stability in domestic supplyAs you all know we are currently in a warlike situation and due to the ongoing conflict in the Middle East our supplies have been affected Crude oil LPG and LNG have all been impacted Crude prices have increased and the prices of other products have also risen in international markets However the Government of India has taken several important decisions at multiple levels to effectively manage this situation As of today we have sufficient crude inventories and supplies for the next two months have already been secured The situation is comfortable with respect to LPG and PNG as well Our refineries are operating at 100 per cent or even above capacity and domestic LPG production has increased by 20 per cent Sharma saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever