India’s export curbs, tax hike to exacerbate global fuel shortage
India’s latest measures aimed at boosting domestic oil supplies could reduce its diesel and petrol exports in the second half of the year, keeping global supplies tight and underpinning prices, traders and analysts said.
The world is grappling with tight petrol and diesel supplies as Western sanctions have reduced exports from Russia while demand has surged in a post-pandemic recovery.
India’s curbs follow similar measures taken by China that have reduced oil product exports from the world’s No. 2 refiner.
In order to reap record margins, India, the world’s No. 3 oil importer, has ramped up imports of cheap Russian oil and increased oil product exports.
