(MENAFN- KNN India)
New Delhi, Jan 20 (KNN) India's petroleum product exports registered a slight increase of 1.5 percent during April-December 2024, reaching 47.5 million tonnes compared to 46.8 million tonnes in the corresponding period of the previous fiscal year, according to data from the Petroleum Planning and Analysis Cell.
The growth was primarily attributed to increased shipments of motor spirit, petcoke/CBFS, and fuel oil, despite a decline in December exports.
The country's import of refined oil products saw a more substantial increase of 7 percent, totaling 38.5 million tonnes during the nine-month period, up from 36 million tonnes last year.
This rise in imports was accompanied by an increase in the import bill from USD 17.1 billion to USD 18.2 billion during the same period.
Domestic consumption of petroleum products demonstrated robust growth, reaching 178.5 million tonnes in the first nine months of the fiscal year, compared to 172.6 million tonnes in the previous year.
The increase was driven by higher demand across multiple segments, with aviation turbine fuel leading at 9.8 percent growth, followed by motor spirit at 8.0 percent, LPG at 6.7 percent, and diesel at 2.2 percent.
According to energy cargo tracking firm Vortexa, India's petroleum product exports in December 2024 increased to 1.37 million barrels per day, marking a 3.1 percent rise from December 2023 and a 4.5 percent increase from November 2024.
Africa emerged as the primary destination for these exports, while traditional markets in Asia and Europe experienced significant declines.
Looking ahead, India projects domestic petroleum product demand to reach a record 252.9 million tonnes in FY26, though market analysts express concerns about potential supply gluts and uncertain geopolitical tensions that could impact export performance.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has maintained that global oil supply remains adequate, while acknowledging that geopolitical tensions could affect shipping costs.
The export landscape continues to evolve, particularly in relation to European markets, where the EU's price cap and embargo on Russian crude oil imports, implemented in December 2022, notably excludes refined petroleum products derived from Russian crude.
This policy framework, combined with shifting global trade patterns, presents both challenges and opportunities for India's petroleum export sector.
(KNN Bureau)
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