India’s exports of petroleum products saw a significant increase of 12.6% in October 2023 from the same month a year earlier, despite a slight decline of 0.8% in the April to October period, according to Petroleum Planning & Analysis Cell (PPAC).
The increase in exports comes amid a slight dip in the overseas sale of high-speed diesel (HSD) and naphtha. The report indicated a shift in the export pattern, with these commodities experiencing a reduced outflow.
Concurrently, India’s imports of petroleum products rose by 12.1% in October, led by a spike in the intake of petcoke, bitumen, and fuel oil. LPG and lubricants represented 41.6% of the total petroleum product imports from April to October 2023, marking a significant portion of the country’s energy imports.
Crude oil imports registered a modest increase of 2.2% in October and 0.6% for the seven months to October, compared with the corresponding periods last year. Notably, crude imports from OPEC countries fell to 47.8% of the total during April-October 2023, down from 63.6% over the same period last year, reflecting a diversification in India’s crude supply sources.
The total indigenous crude oil production for October was recorded at 2.5 million metric tonnes (MMT), with public sector companies and private players contributing to the output. The total crude oil processed in October stood at 20.6 MMT, a slight rise from the previous year, signifying a consistent demand for refined products.
The PPAC’s data also showed that the domestic production of crude oil was stable, with total processing in October marginally higher, suggesting a resilient demand for fuel in the nation’s refining sector.