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.
