Russia has banned petrol exports from April 1 to July 31.

According to media reports, Russian Deputy Prime Minister Alexander Novak has instructed the Energy Ministry to prepare a draft ban on petrol exports.

According to Russia, the aim of the measure is to maintain domestic supplies and keep prices under control. Novak said that the ongoing conflict between Israel and Iran in the Middle East has increased volatility in the global oil and petroleum markets.

He said that this has led to price fluctuations. Russia exports 120,000 to 170,000 barrels of petrol per day.

The decision is likely to affect China, Turkey, Brazil, African countries and Singapore the most. These countries are major buyers of Russian petroleum products. The impact on India will be minimal as it imports crude oil rather than refined petrol.

Deputy Prime Minister Novak told the meeting that there are ample reserves of petrol and diesel and that refineries are operating at full capacity. Oil companies confirmed that there are ample reserves of petrol and diesel and that refineries are operating at or above full capacity, thus meeting current demand.

It should be noted that a ban on the export of petrol has been imposed before.