India’s petroleum products exports may be marginally outpacing the overall outward shipments, but imports of these items are rising at a faster rate. As a result, the country’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, according to data from the government’s Petroleum Planning and Analysis Cell.
India is already a huge net importer of crude oil, and import reliance for this primary source of energy has only risen in recent years.
The country 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.
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India exported 57.3 million tonnes of refined oil products during the first eleven months of the current financial year, up 4% on year on the back of rising demand from overseas markets. In February alone, the country exported 5.8 million tonnes of petroleum products, up 14.8% from last year.
“The increase in oil product exports in February was mainly due to an increase in outbound shipments of aviation turbine fuel, diesel, lube oil, and fuel oil. Higher exports were led by strong product demand and better product spreads,” S&P Global Commodity Insights said in its note quoting Sumit Pokharna, vice president at Kotak Securities Ltd.
Indian refiners shipped 2.40 million tonnes of gasoil last month, up 11.5% from the corresponding period of last year. Exports of co-distillate jet fuel also rose 25.3% on year to 815,000 tonnes in February, as per data released by PPAC.
“Gasoil exports were also supported by dampened domestic demand due to unfavorable weather conditions, which hampered road transport and manufacturing activities through February,” S&P Global Commodity Insights said.Come from Sports betting site VPbet
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Sports betting siteThe country’s consumption of petroleum products too increased by 5.2% during April to February to 212.2 million tonnes.
Imports made due to deficit in production accounted for 43.5% share of total imports petroleum products during April-February as compared to 47.0% during the same period in FY23, according to PPAC.
The country further produced 22.4 million tonnes of petroleum products during February, 2.6% higher than the same period last year. “There was a growth of 3.8% in production of petroleum products in April to February as compared to the same period of FY23 at 251.2 million tonnes.”
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