Diesel prices are expected to decrease as Russia lifts its ban on seaborne exports, allowing for increased supply in the market. This move is likely to have a significant impact on the energy market.
The Russian government has lifted its ban on diesel exports delivered to sea ports via pipelines, removing a significant portion of the restrictions imposed last month. The ban, initially implemented to stabilize fuel prices in the domestic market, caused a surge in diesel prices globally. However, the ban on gasoline exports remains in place. As part of the announcement, Russia also imposed a "protective duty" to prevent unauthorized resellers from stockpiling fuel for future export. The news of the ban being lifted caused diesel prices in Europe to fall.
Shia Muslims in Indian-held Kashmir held a major religious procession for the first time in 33 years, after a ban was lifted. The ban was imposed in 1990 following an armed revolt against Indian rule. The procession, marking the month of Muharram, was the largest in a generation and was allowed to proceed after negotiations between officials and clerics. While the event concluded peacefully, authorities had imposed conditions, including a prohibition on anti-national slogans or references to rebel groups. Critics argue that civil liberties have been curtailed in the region, with ongoing restrictions on journalists, public protests, and religious worship.