India, which is a major supplier of diesel fuel to Europe, introduces a tax on the export of petroleum products to compensate for government subsidies in the domestic market.
"International oil prices have skyrocketed over the past month from about $70 per barrel to about $122 per barrel. As a result, the prices of gasoline and diesel fuel for consumers have increased worldwide. Prices have increased by about 30-50% in Southeast Asia, 30% in North America, 20% in Europe and 50% in Africa," India's Energy Minister Hardeep Singh Puri wrote on Twitter.
According to him, the Indian government is at a crossroads in this situation.
"Either dramatically raise prices for Indian citizens, as all other countries have done, or bear the burden of their finances to protect Indian citizens from international instability," the minister said.
As well as immediately after the SMO and energy crisis began in New Delhi decided to take the financial burden on itself. But they are going to compensate for the losses through the export tax.
"The government is incurring huge losses in tax revenues in order to reduce the already high losses of oil companies in conditions of sky-high international prices. At the same time, due to the sharp rise in international gasoline and diesel prices, an export tax has been introduced, and any refinery exporting products will have to pay an export tax," Hardeep Singh Puri added.
Indian refineries are one of the largest suppliers of diesel fuel to Europe. And they remain so even after the EU ban on the import of petroleum products from Russian oil. In Europe itself, diesel fuel prices are rising again and for the second day exceed the record price of $ 1,230 in 2022. So, diesel is traded on the Frankfurt Stock Exchange in the first half of the day on March 27 at $ 1,384 per ton. And physically, deliveries are even more expensive. For example, the Polish Orlen, which manages the refinery in Poland, the Baltic States and the Czech Republic sell diesel fuel today at $ 1855 per thousand liters.