Petrol demand in India may set a new record this year as easing of COVID-19 restrictions boost business and leisure travel.
see photosOut of 480 lakh tonnes of exports in August, 260 lakh tonnes was of diesel.
Crude oil imports into India rose to a three-month peak in August, hitting a nearly one-year low in July, as refiners stockpiled to extend the run on anticipation of higher demand around the festive season.
Crude oil imports rose 15.8% last month over July and stood at 17.39 million tonnes, up 3.1% from a year ago, showed the Petroleum Planning and Analysis Cell (PPAC) website on Friday.
The increase in imports last month came despite a monthly decline in domestic fuel consumption and the lowest decline in 10 months in crude inflows to refiners in August.
“In the fourth quarter, imports are likely to increase in anticipation of higher demand with refiners needing to increase throughput,” said Joel Hancock, strategist at Natixis Commodities.
Oil product imports increased by 17% to 3.85 million tonnes from a year ago and exports grew by nearly 4.6%
India’s Reliance Industries Ltd, operator of the world’s largest refining complex, shipped 7.6% more oil in August than in July and imported a record 312,000 barrels per day of US oil last month, according to preliminary tanker data from shipping and industry sources. .
Refiners in Asia’s third-largest economy are gearing up to shift their crude oil import mix in favor of lighter grades that generate more petrol to meet growth in demand for motor fuels.
Petrol demand in India may set a new record this year as easing of COVID-19 restrictions boost business and leisure travel.
“If the pandemic remains under control and oil demand continues to rise, India’s crude oil imports are expected to remain high in the coming months and quarters,” said UBS analyst Giovanni Stanovo.
Oil product imports rose 17% from a year ago to 3.85 million tonnes and exports grew by nearly 4.6%. Out of 480 lakh tonnes of exports in August, 260 lakh tonnes was of diesel.
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Asia’s third largest economy imports and exports refined fuel because it has surplus refining capacity.
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