New Delhi: Global energy markets have sparked a lot of anomalies in 2022 as flows have resumed and a jump in prices has seen a fresh quirk: India, usually Asia’s leading gasoline and diesel exporter, needs to be swamped with fuel. Imports have been forced to increase.
According to Vortexa Ltd., gasoline imports rose to around 13,000 barrels per day in the first half of June, a seven-month high. Meanwhile, diesel imports are set to hit an all-time high of around 48,000 barrels per day since February 2020. By Indian Oil Corporation And Bharat Petroleum CorpAlso show vortex statistics.
The scarce offtake is driven by a need to meet local shortages, even as India has emerged as a top buyer of Russian crude after Ukraine’s invasion, and its refiners move out to produce the fuel. . Higher international product prices have prompted India’s private refiners to boost exports, creating a shortage that state processors are now rushing to make up for with additional imports.
Increased import activity from India is draining Asia’s pool of fuel supplies at a time when China, which is also a major shipper of diesel and gasoline, is cutting. The planned fuel volume from China for July has been reduced after refinery maintenance this month, according to industry consultant Oilchem.
According to industry consultant FGE, India’s rush to buy petrol and diesel has already increased regional refining margins for both the fuels. Tamil Nadu and Gujarat. FGE said in a recent note that it expects to import more fuel into the country in the coming months.
According to Vortexa Ltd., gasoline imports rose to around 13,000 barrels per day in the first half of June, a seven-month high. Meanwhile, diesel imports are set to hit an all-time high of around 48,000 barrels per day since February 2020. By Indian Oil Corporation And Bharat Petroleum CorpAlso show vortex statistics.
The scarce offtake is driven by a need to meet local shortages, even as India has emerged as a top buyer of Russian crude after Ukraine’s invasion, and its refiners move out to produce the fuel. . Higher international product prices have prompted India’s private refiners to boost exports, creating a shortage that state processors are now rushing to make up for with additional imports.
Increased import activity from India is draining Asia’s pool of fuel supplies at a time when China, which is also a major shipper of diesel and gasoline, is cutting. The planned fuel volume from China for July has been reduced after refinery maintenance this month, according to industry consultant Oilchem.
According to industry consultant FGE, India’s rush to buy petrol and diesel has already increased regional refining margins for both the fuels. Tamil Nadu and Gujarat. FGE said in a recent note that it expects to import more fuel into the country in the coming months.