Moscow [Russia], March 28 (ANI): The Government of Russia on Friday (local time) announced a ban on gasoline 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.

According to a statement issued by the Government of the Russian Federation, Novak highlighted that the ongoing crisis in West Asia is causing significant fluctuations in global oil and petroleum product prices, although demand for Russian energy abroad remains strong.

During the meeting, particular emphasis was placed on the objective set by Russian President Vladimir Putin to prevent domestic fuel prices from rising 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.

'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,' the statement read.

Following these discussions, Novak instructed the Ministry of Energy to draft a resolution banning gasoline exports from April 1, 2026, to stabilise domestic prices and guarantee priority supply to the local market.

'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,' the statement added.

Earlier in the day, the Ministry of Petroleum and Natural Gas reiterated that India 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.

Speaking at a joint inter-ministerial briefing, Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), said the country 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 per cent.

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 in the Middle East, 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. As of today, we have sufficient crude inventories, and supplies for the next two months have already been secured. The situation is comfortable with respect to LPG and PNG as well. Our refineries are operating at 100 per cent or even above capacity, and domestic LPG production has increased by 20 per cent,' Sharma said. (ANI)