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India’s Fuel Exports Hit One-Year High in July
India exported 1.526 million barrels per day of refined fuels in July, the highest July volume since records began in 2017, according to shipping data from analytics firm Kpler cited by ET…
The Story in Brief
India exported 1.526 million barrels per day of refined fuels in July, the highest July volume since records began in 2017, according to shipping data from analytics firm Kpler cited by ET EnergyWorld. Exports were 27% above the preceding 12-month average, helped by strong diesel margins, Russia’s diesel export ban and ample crude supplies during a brief truce in the Iran war.
The conflicts in West Asia and Europe disrupted supplies from Russia and the Gulf, opening markets for Indian refiners. Separately, India’s domestic fuel consumption rose nearly 3% month on month to 19.92 million tonnes in July, its highest level since March, NDTV Profit reports. Petrol and LPG demand supported the increase.
The Indian Opinion
The easy story is that India has become an unstoppable fuel-export powerhouse, or that record exports must mean local users are being squeezed. Neither follows from these figures. Refiners responded to unusually attractive diesel margins and disrupted trade routes, while domestic consumption also grew. The sharper test is whether export volumes and margins hold after Russian and West Asian supplies normalise, and whether domestic prices reflect that change.
Sources (2): energy.economictimes.indiatimes.com, ndtvprofit.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
