New Delhi: India’s exports of refined oil products declined in March. India exported a total of 1.28 million barrels per day of refined oil products in March. This is down 12.5% from the previous month. The exports were down by 15% on year. Data released by intelligence firm Vortexa revealed this.
India exported 304,427 barrels per day of refined oil products to Europe in March, down by 6.5% from February. Exports to Asia also dropped 22% to 308,740 barrels per day during the month. Asia accounted for 24.2% of the total exports, largest among all continents followed by Europe and Africa with a share of 23.8% and 23.3% respectively.
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‘India’s diesel exports have seen the largest month-on-month decline in March, which could be a result of weakening export margins. Ample supplies in Europe (from the US and Middle East) as well as in Asia, are eroding arbitrage to these markets,’ said Serena Huang, analyst at Vortexa.
The country’s export of petroleum products grew by 5.1% in February to $8.24 billion compared to $7.84 billion in February 2023. Meanwhile, India imported 43.8 million tonnes of petroleum products in Apr-Feb period, up 9% from the year last year. The imports were valued at $21.2 billion.
Data from the government’s Petroleum Planning and Analysis Cell revealed that India’s self-sufficiency in oil products has been witnessing a decline from 14.5% in 2011-12 to 12.6% in 2022-23, and further to 12.3% in April-February this fiscal. India’s demand for petroleum products including jet fuel, diesel, LPG among others is likely to grow to 239 million tonnes in the financial year 2024-25. The country’s consumption of petroleum products stood at 233 million tonnes last year.
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