India’s crude imports rose about 4.2% in March to 19.03 million tonnes from a 12 months earlier, authorities information confirmed on Monday, as consumption picked up on the earth’s third-largest oil importer after COVID-19 curbs have been eased.
Crude imports for the month have been additionally 8.2% larger from February, in line with information from the Petroleum Planning and Analysis Cell.
India’s gasoline demand had scaled a three-year peak in March, with petrol gross sales hitting an all-time excessive, as demand rose and the market constructed up provides forward of anticipated worth will increase.
“The increase in imports can be attributed to demand recovery; COVID curbs have eased, there is pick-up in the industry and economy with schools, colleges and all opening,” mentioned Prashant Vasisht, vice chairman and co-head, company rankings at ICRA.
“Also, Indian companies, both from the private and public sector, are not shying away from buying and utilizing cheaper crude available from Russia.”
India has purchased greater than twice as a lot oil from Russia because it invaded Ukraine as in the entire of 2021, at a time when Western sanctions have prompted many oil importers to shun commerce with Moscow.
Imports of oil merchandise rose 9% month-on-month, however have been down 9.5% from 2021 at 3.62 million tonnes.
Exports of oil merchandise climbed 10.9% from a 12 months earlier and of the overall exported in March, diesel accounted for 3.37 million tonnes.
India – Asia’s third-biggest financial system – holds surplus refining capability and is a significant exporter of refined fuels.
“A lot of European companies are opting not to buy Russian crude and refined products. And even before the war, there was a lack of stock levels of diesel in Europe. So, since there’s healthy demand, it has lead to increase of product exports for India,” ICRA’s Vasisht mentioned.
NOTE: The information for imports and exports is preliminary as a result of personal refiners share numbers at their discretion.
All figures are in thousands and thousands of tons:
2022 2022 2022 2021 2021 2021
CRUDE OIL March Feb Jan March Feb Jan
IMPORTS 19.03 17.59 19.12 18.26 15.24 19.59
Imports:
2022 2022 2022 2021 2021 2021
March Feb Jan March Feb Jan
LPG 1.45 1.26 1.39 1.36 1.52 1.36
Petrol 0.00 0.00 0.00 0.13 0.08 0.12
Naphtha 0.09 0.09 0.09 0.03 0.10 0.05
Kerosene 0.00 0.00 0.00 0.00 0.00 0.00
Diesel 0.01 0.01 0.01 0.01 0.02 0.07
Fuel Oil 1.05 0.94 0.82 1.11 0.79 0.38
All 3.62 3.32 3.43 4.00 3.36 3.05
Exports:
2022 2022 2022 2021 2021 2021
PRODUCTS March Feb Jan March Feb Jan
Petrol 1.60 1.22 1.08 1.29 0.88 0.89
Naphtha 0.79 0.44 0.51 0.80 0.55 0.60
Diesel 3.37 2.41 2.58 3.07 2.11 2.32
Fuel Oil 0.09 0.09 0.17 0.20 0.08 0.11
Jet Fuel 0.62 0.41 0.45 0.41 0.43 0.30
All 6.74 4.86 5.07 6.08 4.15 4.43
NOTES:
Totals might not tally as a result of all objects are usually not included within the desk and numbers are rounded up or down. The numbers for earlier months have been revised.
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With inputs from NDTV
