India’s petroleum products (POL) exports declined in the financial year 2023-24 despite of the increase in volume of the exports, according to the Economic Survey 2023-24 tabled on July 22.
The survey showed that the value of exports declined by 13.7 percent in FY24 to $84.2 billion from $97.5 billion during the same period last year. Meanwhile, the volume of POL exports increased to 108 million tonnes (MT) in FY24 from 99 MT in the previous year.
The survey emphasised that the fall in POL exports could be attributed mainly to a decline in global petroleum product prices.
“A bifurcation of merchandise exports into POL and non-POL products shows that exports across both categories have declined in FY24. The fall in POL exports can be attributed mainly to a decline in global petroleum product prices,” the survey said.
Petroleum product prices have declined globally majorly on account of dismal demand in an inflationary environment. India, which is a net importer of crude oil, exports refined oil products including petrol, diesel and aviation turbine fuel (ATF) to Europe and other countries.
“Even though the volume of POL exports increased from 99 million tonnes in FY23 to 108 million tonnes in FY24, the value of exports declined by 13.7 per cent, from USD 97.5 billion to USD 84.2 billion during the same period,” the survey said.
The survey added that POL exports, however, have increased by 80.8 percent in the last six years to $84.2 billion in FY24 from $46.6 billion in FY19.