India plans to extend restrictions on the export of diesel and petrol after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said.
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.
India, the world's third-largest oil consumer, imposed a windfall tax on refined fuel exports last year and mandated that companies sell the equivalent of 50 per cent of their petrol exports and 30 per cent of their diesel exports domestically in the current fiscal year to March 31.