Russia to halt petrol exports from April 1 till July 31 to control domestic prices

Moscow (The Uttam Hindu): Amid ongoing volatility in the global oil market, Russia has decided to impose a temporary ban on petrol (gasoline) exports starting April 1. According to reports, the Russian government has officially confirmed this decision.

Deputy Prime Minister Alexander Novak has instructed the Energy Ministry to prepare a proposal for halting petrol exports from April 1. As per reports, this restriction may remain in effect for four months, until July 31.

The government stated that rising tensions in the Middle East have created instability in global oil and petroleum markets, leading to sharp price fluctuations. However, Russia also noted that international demand for its energy resources remains strong.

Authorities have assured that domestic refining levels remain consistent with last year, ensuring stable supply of petroleum products within the country.

Domestic factors have also played a key role in this decision. Last year, fuel shortages were reported in Russia and some regions of Ukraine under its control. At that time, attacks on Russian oil refineries from Ukraine had disrupted supply.

Additionally, domestic fuel demand had surged during a certain period, further straining supply. These developments prompted the government to act cautiously and prevent any potential shortages by restricting exports.

This is not the first time Russia has taken such measures. In the past as well, the government has imposed restrictions on petrol and diesel exports to maintain domestic price stability and ensure adequate supply.

Industry data indicates that Russia exported around 5 million metric tons of petrol last year, equivalent to approximately 117,000 barrels per day. The primary objective of this move is to redirect this supply for domestic use and keep fuel prices under control.