Russia has announced a ban on gasoline export (petrol) from April 1 as it wants to prioritise domestic supplies and stable fuel prices amid a surge in demand for oil globally due to the war in the Middle East. Russian Deputy Prime Minister Alexander Novak informed that he asked the energy ministry to draft a resolution banning gasoline exports from April 1. As per reports, the proposed ban on Russian gasoline will be two months long — specifically from April 1 and July 31.
According to Novak, Russia is feeling the need to halt exports of gasoline amid the West Asia crisis due to the war in Iran and the Gulf that has disrupted oil and gas supply globally and fueled a surge in demand, leading to fluctuations in prices.
However, he noted that in this situation, demand for Russian oil in the market remains in a positive trend.
Reports suggest that the Russian government is putting emphasis on President Vladimir Putin’s objective that the surge in domestic fuel prices should not exceed forecasted levels.
Moreover, Russia’s energy ministry has said that the oil refining rate is consistent as per March 2025 levels, adding that the domestic supply is also stable with enough reserves and a high refinery capacity to meet demand at home.
In a statement, the Russian government said, “Particular 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.”
“Following 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,” Russia’s energy ministry said.
Will India Be an Exception?
Some unconfirmed reports on social media claimed that though Russia may stop exporting gasoline from April 1, the move may not be for India. However, there is no official confirmation on this, and neither any official from Russia nor India has made any statement on this matter.
What’s India Status on Oil Reserves?
Though energy supply remains a concern ever since the closure of the Strait of Hormuz due to the ongoing war in the middle east, India has been securing its oil and gas through various sources. The government has been telling the citizens that the country has enough stock — for about 60 days to be specific — and has arranged one full month of LPG supply, adding that there is no shortage of petrol, diesel, or LPG. The government has also called reports of shortages as a “deliberate misinformation campaign” aimed at triggering panic buying.
Amid reports of panic buying and long queues at petrol pumps and LPG distributors, the Ministry of Petroleum and Natural Gas, for the first time since the war in West Asia broke out, also released stock details of crude oil, fuels and LPG as it rushed to calm nerves and urged public not to rush for panic storing or buying of fuel and gas.
Putin Says Consequences of Gulf Conflict Unpredictable for World
Amid the West Asia conflict, Putin said no one, including the perpetrators of the Gulf conflict, can foresee its grave consequences for the world, comparable only to the Covid pandemic.
Addressing the delegates of the congress of the powerful Union of Industrialists and Entrepreneurs (RSPP), the Russian leader said the escalation of the conflict incited by the joint US-Israeli attack on Iran has jeopardised a wide range of industries, and there’s no telling what further consequences may follow.
“The armed conflict in the Middle East is increasingly impacting the current situation and causing significant disruption to international logistics, manufacturing, and supply chains,” he said.
Starting February 28, the US and Israel launched joint strikes against Iran, which in turn retaliated, spreading the war to the entire Gulf region. The Strait of Hormuz is a strategically important choke point for the world’s energy supplies.
The strait, a narrow shipping lane that connects the Persian Gulf with the Indian Ocean, remains effectively closed, bringing to a near halt the transit of hundreds of vessels per day, including container, dry bulk, and liquid cargo ships.
According to Putin, entire sectors, specifically those tied to the extraction and processing of hydrocarbons, metals, the production of fertilisers, and many other goods and product categories, have received a shock.
With inputs from PTI
