Moscow: Russian Deputy Prime Minister Alexander Novak on Friday instructed the energy ministry to draft a resolution banning gasoline exports from April 1, the Russian government said, according to Reuters.

State-run TASS reported that the ban would remain in effect until July 31. Novak cited turmoil in global oil and oil products markets caused by the ongoing Middle East crisis, saying it is driving significant price fluctuations. “At the same time, the high demand for Russian energy resources in foreign markets remains a positive factor,” he added.

The move comes just days after reports emerged that Indian refiners have purchased about 60 million barrels of Russian oil for delivery next month, easing supply concerns as the West Asia conflict disrupts flows.

Amid rising international oil prices, the Indian government announced a Rs 10 per litre cut in excise duty on petrol and diesel. However, retail prices are expected to remain unchanged, as refiners will offset the reduction against higher input costs.

“The reduction averts an increase in petrol and diesel price that had become necessary in view of rise in international oil prices by about 50 per cent in the last one month,” officials said.

The special additional excise duty on petrol has been reduced from Rs 13 to Rs 3 per litre and on diesel from Rs 10 to zero. Oil Minister Hardeep Singh Puri estimated fuel losses of Rs 24 per litre for petrol and Rs 30 per litre for diesel, while the ministry pegged them at Rs 26 and Rs 81.90, respectively.

Additionally, the government imposed an export duty of Rs 21.50 per litre on diesel and Rs 29.50 per litre on aviation turbine fuel (ATF), reinstating a levy first introduced in July 2022 following Russia’s invasion of Ukraine. Unlike the earlier period, there is no windfall tax on domestically produced crude oil by firms like ONGC.

Addressing concerns over fuel availability, the Indian government stressed that there is no shortage of petrol, diesel, or LPG. “There is no situation like lockdown. It is not even under consideration,” Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said at a briefing.

She added that panic buying and long queues at petrol pumps and LPG distributors in parts of the country have been triggered by misinformation. “There is no crisis or shortage. We have a sufficient amount of crude oil (raw material to make fuels like petrol and diesel). Our stocks of petrol and diesel are sufficient, and LPG supplies have been ensured,” Sharma said.

All petrol pumps across India are reportedly operating normally, with adequate stocks and no rationing in place, reassuring consumers amid the energy market uncertainty caused by the West Asia war.