Demand in key overseas markets has enabled the continuing rise in the export of refined petroleum products, which jumped 12.7 per cent in October, according to the latest data released by the Petroleum Planning and Analysis Cell (PPAC). Export of refined petroleum products widened in the latest month to 5.1 million metric tonnes (mmt), earning Indian exporters $3.3 billion.
Exports in the category have increased by 4.2 per cent to 36.8 mmt in the first seven months of FY25, mostly on account of a broad-based increase in exports of petcoke, petrol, and aviation turbine fuel.
Globally, supplies have continued to rise, despite ongoing production cuts by the Organization of the Petroleum Exporting Countries (Opec) bloc. Last week, the International Energy Agency said the global supply of oil rose by 290,000 barrels per day (b/d) to 102.9 million barrels per day in October as the return of Libyan barrels to the market more than offset lower Kazakh and Iranian supplies.
Import of crude oil increased 4.27 per cent in October, rising to 19.5 mmt, up from 18.7 mmt in October 2023, showing that no supply-side shortages exist. On the other hand, the consumption of petroleum products rose 2.56 per cent in the latest month to 20 mmt, signifying that inventories were diverted towards the domestic market.
Sales of diesel, the most used fuel in the country, stood at 7.6 mmt in October, the same as 2023.