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The export quantity elevated marginally to 26 million metric tonnes (mmt) from 25.8 mmt through the April 2023-February 2024 interval, in keeping with the petroleum and pure gasoline ministry knowledge.
Petrol exports fetched $10 billion throughout this era, about 13% lower than a 12 months earlier. In quantity phrases, nevertheless, petrol exports elevated 4% to 12.1 mmt.
Diesel and petrol exporters had a rare run within the earlier fiscal as the beginning of the Russia-Ukraine warfare in February 2022 and the resultant Western sanctions on Russia dislocated the vitality market. Diesel and petrol costs surged within the worldwide markets earlier than easing in direction of the tip of 2022-23. On common, diesel and petrol costs are down about 20% and 15%, respectively, year-on-year on this fiscal within the worldwide market.
In 2022-23, diesel exports fetched $28.9 billion, up 64% from $17.6 billion in 2018-19, a pre-Covid 12 months. The amount, although, elevated simply 2.5% to twenty-eight.5 mmt from 27.8 mmt. Equally, petrol exports elevated 50% in 4 years in worth phrases to $12.9 billion, however solely 2% in quantity to 13.1 mmt in 2022-23.
India’s gas export is dominated by the non-public sector refiners, with Reliance Industries being the nation’s largest exporter of petrol and diesel. Europe has more and more turn into an essential marketplace for Indian refined merchandise because the starting of the Ukraine warfare, which prompted the continent to shun Russian oil. Provides from America and India have more and more changed Russian diesel in Europe. On the identical time, Russian refined merchandise have discovered clients in China and different markets, although some provides nonetheless move to Europe.
India can be experiencing a powerful development in oil demand. Home consumption of petrol and diesel has elevated 5-6% year-on-year this fiscal.
