India’s Petroleum Exports To Africa Surge 110% In May On Higher Refinery Runs
· Free Press Journal
India’s petroleum product exports to Africa soared 110% in May compared with the previous month, as improved refinery operations across Asia increased supply availability.
The country shipped 370,000 barrels per day (bpd) of refined products to Africa, up from 176,000 bpd in April, according to a report by Moneycontrol citing data of commodity analytics firm Kpler.
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Although Asia remained India’s largest export market, shipments to the region fell 34.4% to 406,000 bpd in May from 619,000 bpd in April.
Nikhil Dubey, lead analyst for refining at Kpler, explained that this shift occurred because higher refinery runs in the broader Asian region, coupled with China’s crude demand hitting a 10-year low, freed up oil for other Asian refiners.
US-Israel-Iran Conflict: Russia To Increase Oil & Gas Exports To India Amid Heightening Tensions In West AsiaExports to Europe surged 525% to 66,000 bpd, reflecting changing global supply dynamics. With better access to feedstock, regional refiners boosted throughput, reducing their need for imported products and influencing India’s export destinations.
India’s total refined oil product exports stood at 937,000 bpd in May, down 3.6% from April.
The decline was largely due to planned maintenance at Reliance Industries’ Jamnagar refinery and optimisation measures aimed at increasing domestic liquefied petroleum gas (LPG) production.
To ensure domestic availability amid the West Asia crisis, the government introduced export duties on diesel and aviation turbine fuel (ATF) in March.
The latest rates are Rs 1.5 per litre on petrol, Rs 13.5 per litre on diesel, and Rs 9.5 per litre on ATF.