China has halted exports of diesel, gasoline and jet fuel until at least the end of March, a move expected to worsen shortages and raise costs for Asian buyers already strained by the Iran war, reports Reuters.

China, the world's largest oil importer, imposed the ban last week to safeguard domestic supply, according to sources. The suspension curbs shipments worth US$22 billion last year.

Australia, Bangladesh and the Philippines, heavily reliant on Chinese fuel, will need to secure alternative sources. China ranks as Asia's fourth biggest exporter of clean fuels, behind South Korea, India and Singapore.