New Delhi: India’s exports of refined oil products fell by 11% in April to 1.21 million barrels per day. Data released by Kpler revealed this. The increase in the domestic demand and weaker export margins are the main reasons for this fall. Exports to Asia and Europe – the two top destinations of the country also declined by 25% and 3.4% on month to 446,248 barrels per day and 329,279 bpd respectively. In value terms, petroleum product exports declined 13.6% in FY24 to $ 84.1 billion.
India had became a key supplier of refinery products to the world as many countries stopped direct trade with Russia after its war with Ukraine.
India’s diesel exports slumped 13% month-on-month in April to over 438,704 bpd and that of gasoline exports fell by 17% to 251,681 barrels per day. Jet fuel exports however rose marginally by 3.7% to 163,545 bpd.
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Asia’s share in Indian petroleum products exports decreased to 36.8% in April against 43.5% in March. Europe’s share, however, increased to 27.2% last month from 25% in the previous month but still remains substantially lower than the 32% share it held during the same period last year.
India exports a variety of goods via the Red Sea including petroleum products. The country’s export of petroleum products fell by 14% in FY24 to $84.14 billion compared to $97.47 billion in FY23.
The country’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, as per estimates by the Petroleum Planning and Analysis Cell. The country’s consumption of petroleum products stood at 233 million tonnes last year.
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