Russia Imposes Temporary Ban on Petrol Exports Amid Market Uncertainty

Islamabad: Russia has announced a temporary ban on petrol exports from April 1 to July 31, aiming to stabilize domestic fuel supplies and control prices.

According to media reports, Deputy Prime Minister Alexander Novak has instructed the Ministry of Energy to prepare a formal draft implementing the export restriction. Russian authorities stated that the move is intended to ensure sufficient availability of petrol within the country and to prevent price volatility.

Officials noted that rising tensions between Israel and Iran have contributed to increased instability in global oil and petroleum markets, leading to fluctuating prices.

Russia currently exports between 120,000 and 170,000 barrels of petrol per day. The decision is expected to significantly impact major importers such as China, Turkey, Brazil, several African nations, and Singapore, which rely heavily on Russian petroleum products.

However, the impact on India is expected to be limited, as it primarily imports crude oil rather than refined petrol from Russia.

Novak assured that Russia has ample reserves of petrol and diesel, and that domestic refineries are operating at full or even above capacity to meet internal demand. He also noted that similar temporary export bans have been implemented in the past to maintain market stability.