Russia’s big decision: Petrol export completely stopped from April 1, ban will remain till July, know the reason

Moscow. Big news has come out that Russia has decided to completely ban the export of petrol i.e. gasoline from 1st April. This ban will not be applicable only for some time but till July 31. This announcement of Russia has been made by Economics Times and Russian news agency Tass.

Deputy Prime Minister issued special instructions-
Russian Deputy Prime Minister Alexander Novak has instructed the Energy Ministry to prepare the necessary legal proposal to ban petrol exports. This stance of the government makes it clear that it does not want to take any kind of risk for domestic energy security.

Geopolitical tensions and global instability-
According to Novak, the current crisis in the Middle East has created instability in the global oil market. Russia has taken this precautionary step to ensure that the domestic market is not affected by global fluctuations. He assured that the level of domestic refining is stable and local supply will not be affected.

Lessons learned from past experiences-
Last year, the shortage of petrol in some parts of Russia had alerted the administration. Attacks on refineries by Ukraine and a sudden increase in domestic demand had put pressure on the supply chain. For this reason, the government is now in favor of keeping petrol safe at the domestic level.

Control on domestic prices-
Russia has previously imposed a temporary ban on exports to control fuel prices. Russia exports about 50 lakh metric tons of petrol annually. Reserving this large quantity for domestic use would make it possible to keep local prices stable.

Now the global market is watching to what extent this step of Russia affects international oil prices.