Russia will ban petrol export from April 1: Ban will remain till July 31, decision taken to control prices in the country

Russia has decided to ban the export of petrol from April 1. This ban may last till July 31. Russia’s Deputy Prime Minister Alexander Novak has asked the Energy Ministry to prepare a proposal to ban petrol exports. The Russian government says that this step is being taken to maintain supply in the country and keep prices under control. Novak said that due to the Israel-Iran war burning in the Middle East, there has been increased instability in the global oil and petroleum production market. Due to this the prices are fluctuating. However, Russian energy resources remain in demand in foreign markets. Earlier also there was a ban on petrol export. Russia has been banning the export of petrol and diesel in the past also to control fuel prices and keep the domestic supply stable. Last year also, Russia had banned petrol and diesel exports for some time. During that time the refineries were damaged by Ukrainian attacks. However, according to the Russian Energy Ministry, there is stock of petrol and diesel in the country. The refineries are working at full capacity, meeting the needs of the country. According to industry data, Russia exported about 50 lakh metric tons of petrol last year, which is equivalent to about 1.17 lakh barrels every day. However, this decision of Russia will not have much impact on India. India imports crude oil from Russia and refines it itself. India will buy 60 million barrels of crude oil from Russia in April. Meanwhile, the supply chain of crude oil has been badly affected due to the Israel-Iran war. To deal with this, Indian refiners have decided to buy large quantities of oil from Russia. India has signed a deal with Russia for about 60 million or 60 million barrels of crude oil for delivery in the month of April. Russian oil is becoming up to 15 dollars more expensive than crude. India used to get Russian oil at a huge discount, but now it has to pay a premium for it. According to reports, these deals have been booked at a premium (excess price) of $5 to $15 per barrel over Brent crude prices. This surge in prices is being seen due to lack of supply and high demand. Actually, the discount given by America has a big role behind this purchase by India. The US has allowed India to take Russian oil cargoes that were loaded on ships before March 5. Later the scope of this exemption was extended to March 12. —————–



Source link