Gasoline, gasoil exports restricted to increased demand in local markets

India has restricted exports of gasoil and gasoline to help boost supplies in the local markets, a move that could curtail overseas sales by refiners Reliance Industries Ltd and Nayara Energy,part-ownedd by Russian oil major Rosneft.

Fuel exporters will have to make a commitment that 50% of the gasoline quantity mentioned in the shipping bill has been supplied or will be supplied to the local market in the current fiscal year to March 31, the order said. The local sale commitment for diesel is 30%.