China has ordered an immediate ban on refined fuel exports in March, issued by the National Development and Reform Commission, covering gasoline, diesel and aviation fuel shipments. The halt applies to cargoes that had not cleared customs as of Wednesday.
The restriction on outbound flows goes beyond a previous move by Beijing urging refiners not to agree to new exports and to try to cancel shipments they had already committed to. Jet fuel for aviation bunkering is not included under the ban.
China is the world's biggest oil importer and a major fuel exporter. Chinese oil majors had planned to ramp up fuel exports in February and March to profit from stronger margins amid a seasonal lull in domestic demand during the Lunar New Year holiday period.
Source: Daomiing