Petroleum products exports drop 15% in March on weak margins

India’s refined oil product exports declined in March due to declining export margins. The nation exported 1.28 million barrels of refined oil products per day in March, a 12.5% decrease from the previous month and 15% less than the previous year.

India’s export of refined oil products to Europe decreased by 6.5% in March, while exports to Asia decreased by 22% to 308,740 barrels per day. The volume of exports to Europe has decreased, but it is still less than the average of 350,000-400,000 barrels per day that India provided in November and December.

India’s petroleum product imports increased by 9% to 43.8 million tons worth $21.2 billion. While exports pose a threat, domestic consumption is expected to grow only 3% in the upcoming fiscal year, marking the slowest growth since FY22.

In 2017, the nation used 233 million tonnes of petroleum products, a number that is expected to increase to 239 million tons in 2024-2025, including diesel, jet fuel, and LPG.

Leave a Reply

Your email address will not be published. Required fields are marked *