• India plans to extend fuel export curbs beyond March

    Indian Oil Corporation (IOC) is the country’s largest oil marketing (OMC). It Is also the largest refiner. Of Late, it has been moving towards cleaner fuel, natural gas. It has quite a few landmark achievements in the area. India plans to extend 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, 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% of their gasoline exports and 30% of their diesel exports domestically in the current fiscal year to March 31.

    New Delhi issued the rare restrictions after private refiners Reliance Industries (RELI.NS) and Nayara Energy, key Indian buyers of discounted Russian supplies, began reaping major profits by aggressively boosting fuel exports instead of domestic sales.

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