Russia to ban petrol exports from April 1

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

The state-run Tass news agency earlier reported that the ban would remain in place until July 31.

Novak said that turmoil in the global oil and oil products market, caused by the crisis in the Middle East, is leading to significant price fluctuations.

At the same time, the high demand for Russian energy resources in foreign markets remains a positive factor, he added.

Crude oil processing volumes remain at last year’s level, ensuring a stable supply of oil products, the government said in a statement.

Several regions in Russia and parts of Ukraine under Russian control were reporting petrol shortages last year after Ukraine stepped up attacks on Russian oil refineries and amid a seasonal surge in fuel demand.

Russia has repeatedly imposed curbs on fuel exports to rein in rising fuel prices and tackle shortages.

According to industry sources, the country exported nearly 5 million metric tons of petrol last year, or about 117,000 barrels per day.