IndiGo and SpiceJet Share Price Decline as Russia Extends Jet Fuel Export Ban

Indian aviation stocks came under pressure on June 2, 2026, after Russia announced an extension of its aviation fuel export ban until November 30, 2026.  

The development weighed investor sentiment, with shares of InterGlobe Aviation Limited and SpiceJet Limited declining during the trading session. 

Russia Extends Aviation Fuel Export Ban Until November 2026 

Russia has extended its ban on aviation fuel exports until November 30, 2026, citing the need to maintain stability in its domestic fuel market. The move comes as Ukrainian drone attacks continue to disrupt Russian refineries and energy infrastructure, affecting fuel production levels.  

According to Reuters, Russia primarily exports jet fuel by rail to Central Asian countries, including Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The government stated that the export restriction is intended to ensure adequate fuel availability within the country.  

Impact on Global Fuel Markets 

Despite the export ban, Russia remains a relatively small participant in the global jet fuel market. Reports indicate that the country accounted for less than 2% of global jet fuel supplies, exporting approximately 30,000 barrels per day last year. Average exports declined further during the first four months of 2026. 

Read More: IndiGo Share Price in Focus; Board Approves Up To $450 Million Prepayment to Support Aviation Asset Acquisition 

Aviation Stocks Performance 

The announcement impacted aviation stocks, as fuel remains one of the largest operating expenses for airlines. SpiceJet share price fell around 2.5% during intraday trade and, as of 12:46 PM, was trading at around ₹12.21 per share on the BSE. Meanwhile, InterGlobe Aviation share price declined more than 1% and were trading at around ₹4,424.85 per share on the BSE at 12:46 PM. 

Both airline stocks have delivered negative returns over the past 1 year, with IndiGo declining around 17% and SpiceJet falling approximately 73%. 

Conclusion 

Russia's decision to extend its aviation fuel export ban has renewed focus on fuel supply dynamics and geopolitical risks affecting the airline industry. While the direct impact on global jet fuel markets is expected to be limited, the development kept aviation stocks such as IndiGo and SpiceJet under pressure during Tuesday's trading session. 

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