The central government will likely extend its restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, news agency Reuters reported on Monday citing government sources.
The extension of rules may discourage some Indian refiners, mainly private companies, from buying Russian fuels for re-exports to countries including those in Europe that have stopped purchases of refined products from Russia due to its invasion of Ukraine.
Russia has already become the top supplier of crude to India, accounting for 28% of India’s crude imports, up from less than 1% in 2021.
