India’s exports of diesel and petrol fell by a fifth year-on-year to USD 33 billion in 2023-24 as worldwide costs declined.
The mixed export volumes of petrol and diesel, nonetheless, modified little in a 12 months at 41.6 million metric tonnes in 2023-24, in accordance with the oil ministry knowledge.
Diesel generates the biggest share of export revenues for Indian refiners. Diesel alone fetched USD 22 billion of the USD 48 billion earned by exports of refined fuels in 2023-24.
Diesel exports had been down 24% year-on-year in worth phrases although its export volumes shrank barely 1% in 2023-24. The quantity of petrol exports elevated 2.5% however its worth fell 13% to USD 11 billion in 2023-24.
Jet gas, naphtha, gas oil and different merchandise accounted for the stability USD 15 billion of gas exports in FY24.
Reliance Industries and Rosneft-backed Nayara Vitality, the 2 personal sector refiners within the nation, primarily export diesel and petrol from India.
The start of the battle in Ukraine in early 2022 and the Western sanctions on Russia dislocated the vitality market, sending gas costs sky-high. Refiners reaped record-high margins on petrol and diesel in 2022-23. This additionally boosted export earnings for Indian refiners.
Nevertheless, after the market stabilised in 2023-24, the earnings normalised. Worldwide charges of petrol and diesel had been down about 15-20% on common in 2023-24 from a 12 months earlier. India exports diesel and petrol to varied nations in Europe, Africa and elsewhere.
Decrease costs have helped India pay much less for imports of petroleum merchandise. India paid USD 10.5 billion in 2023-24 for liquefied petroleum fuel (LPG), 21% lower than a 12 months earlier than. India imports 60% of the LPG it makes use of, primarily for cooking. LPG makes up about 45% of the value India pays for the import of all refined merchandise.
The general refined merchandise’ import invoice shrank 13% on-year in 2023-24 to USD 23 billion.
India’s consumption of oil has been rising at a speedy fee. The consumption of petrol rose 6.4% in 2023-24 whereas that of diesel grew 4.4%. LPG gross sales additionally grew 4%. The increasing financial system, elevated gross sales of autos and rising entry to gas have all been contributing to the gas demand within the nation.
