India exported 5.7 million metric tonnes (MMT) of petroleum products in May, 6% higher than in April but 1% lower than in May 2021. Imports increased 14% to 3.2 MMT in May over the year, compared to 3.8 MMT in April. Net export contracted 0.4 MMT during the month over the year.
Indian refiners have been working overtime to meet the soaring fuel demand. The average run at Indian refineries has jumped to 110% in May from 93% a year. Declining net export of refined fuel suggests the domestic market, where demand soared 24% over the year in May, is gobbling most of the output.
In value terms, exports nearly doubled to $6.5 billion over the year in May while imports rose nearly two-thirds to $2.3 billion.
Refiners processed 5.35 million barrels per day (mb/d) of crude in May, compared to 4.49 mb/d a year earlier.
Refiners are enjoying near-record margins on petrol and diesel these days due to a combination of strong demand, lower global refinery capacity, and loss of Russian exports.
Crude oil imports increased by 13.4% in May over the year. The Indian basket crude price averaged $109.51 per barrel during May as against $102.97 in April and $66.95 in May last year.
source of the news:The Economic Times