Russia’s Gasoline Export Ban Amid Global Energy Crisis

The ongoing US-Iran conflict in the Middle East has triggered significant instability in the global energy market. To counter this, the Russian government has announced a complete ban on gasoline exports starting April 1.

Deputy Prime Minister Alexander Novak stated that the primary goal is to prioritize domestic supplies and stabilize fuel prices within Russia. While President Putin aims to prevent domestic costs from exceeding forecasts, this decision serves as a major setback for primary buyers like China, Singapore, and Brazil.

In response to the global fluctuations, India's Ministry of Petroleum has reassured the public that the country maintains adequate crude oil and fuel stocks. Indian refineries are currently operating at full capacity, and supplies for the next two months have already been secured to insulate the domestic market from international price hikes.