Serbia extends ban on fuel exports to April, releases diesel from reserves

Serbia has extended a ban on crude oil and fuel product exports to safeguard its market from shortages and price spikes stemming from the U.S.-Israeli war on Iran, the energy minister said on Thursday.

The suspension, effective until April 2, applies to the export of diesel, gasoline and crude oil by all modes of transport, Energy Minister Dubravka Djedovic Handanovic said in a statement.

"The aim of these measures... is to protect the domestic market from shortages of oil derivatives and price jumps," she said.

The previous suspension expires on Thursday.

Djedovic Handanovic said the government has decided to release 40,000 tonnes of diesel fuel from its reserves to the local market as an additional protective measure. Last week, Serbia also cut excise duties on fuel by 20% to prevent price hikes.

It has maintained a price cap on fuel since February 2022 by controlling the maximum weekly retail prices for Euro diesel and Euro Premium BMB 95 gasoline.

Serbia's fuel exports in 2024, mainly to neighbouring countries, accounted for around 3.6% of its exports, or $1.26 billion.

They sharply fell in 2025 due to U.S. sanctions against the country's only oil refiner, Russian-owned NISNIIS.BEL.

-Reporting by Aleksandar Vasovic; Editing by Pooja Desai/Reuters