West Asia crisis: Russia bans petrol exports from April 1; India has stocks
Virendra Pandit
New Delhi: Russia on Friday (local time) announced a ban on gasoline (petrol) exports starting April 1, aiming to prioritise domestic supplies and stabilise fuel prices amid global market turbulence due to the ongoing conflict in West Asia.
The announcement followed a meeting chaired by Russian Deputy Prime Minister Alexander Novak to review the situation in the domestic petroleum product market, the media reported on Saturday.
The word ‘gasoline’ is predominantly used in North America, while ‘petrol’ is used in the UK, Europe, Australia, and many Asian countries.
According to an official statement, Novak said the crisis in West Asia is causing significant fluctuations in global oil and petroleum product prices, although demand for Russian energy abroad remains strong.
Russian President Vladimir Putin has emphasized on curbing domestic fuel prices above forecasted levels.
The 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 demand.
Novak instructed the ministry to draft a resolution banning gasoline exports from April 1, 2026, to stabilise domestic prices and guarantee priority supply to the local market.
India
Earlier, India’s Ministry of Petroleum and Natural Gas reiterated that the country 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 conflict.
At a joint inter-ministerial briefing, Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), said India 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 percent.
Highlighting 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 supply.
“As you all know, we are currently in a war-like situation, and due to the ongoing conflict, 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,” Sharma said.
