India's oil imports, product exports slow down in March

India's March crude oil imports rose at the slowest pace this year, while refined product exports also rose but at a lower rate as some refineries cut back crude processing as the coronavirus outbreak crushed demand for fuel.

Asia's third-biggest economy exports refined fuels as it has surplus refining capacity. (File photo used for representational purpose only). (AP)
Asia's third-biggest economy exports refined fuels as it has surplus refining capacity. (File photo used for representational purpose only).

Crude oil imports in March rose 1.8% to 19.52 million tonnes from a year earlier, having risen 9% in the previous month, according to data on the website of Petroleum Planning and Analysis Cell (PPAC) on Friday.

Oil products imports rose more than 7% to 3.92 million tonnes year-on-year, which was the lowest year-on-year percentage rise since January 2019. Oil product exports rose 7.4% to 5.93 million tonnes, sharply down from a 21.4% rise in February.

Also check these Vehicles

Find more Cars
Benling India Benling Kriti (HT Auto photo)
₹ 56,940 - 66,121**Ex-showroom price
Add to compare
Check latest offers
Benling India Benling Aura (HT Auto photo)
₹73,000**Ex-showroom price
Add to compare
Benling India Benling Falcon (HT Auto photo)
₹ 62,200 - 71,248**Ex-showroom price
Add to compare
Check latest offers
Hcd India Nps Cargo (HT Auto photo)
₹ 54,500 - 58,500**Ex-showroom price
Add to compare
Check latest offers
Hero Splendor Plus (HT Auto photo)
₹ 75,141 - 76,486**Ex-showroom price
Add to compare
Check latest offers
Yamaha Mt-15 (HT Auto photo)
₹ 1.67 - 1.73 Lakhs* *Ex-showroom price
Add to compare
Check latest offers

Also Read : India’s oil revenue loss in lockdown seen exceeding $5 billion

Exports of diesel were also affected by the coronavirus crisis and rose only 11.7% in March, the lowest year-on-year increase since August. Petrol exports declined 5.2% in March as the virus hit economic activity and fuel demand for transportation globally.

Asia's third-biggest economy imports and exports refined fuels as it has surplus refining capacity.

Rystad Energy expects Cov-19 to remove nearly 4 million bpd of road diesel demand worldwide in the second quarter, and diesel demand in other sectors to drop by another 1.2 million bpd.

Also Read : Fuel prices hiked in these states to generate higher revenue amid coronavirus

India on Friday extended its nationwide lockdown for another two weeks from May 4, but said it would allow "considerable relaxations" in lower-risk districts. The lockdown was put in place on March 24.

The country's crude processing in March fell 5.7% from a year earlier, the most since September, as the coronavirus crisis and travel restrictions to curb its spread dented fuel demand and forced refineries to cut output.

India's annual fuel demand in 2019/20 also grew at its lowest rate in more than two decades.

First Published Date: 02 May 2020, 11:36 AM IST
Shopping Bag Shop Now
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
40% OFF
MelodySusie Portable Electric Nail Drill Professional Cleaner Dust Collection/Lighting 2 in 1 Car Vacuum Cleaner 120W High-Power Handheld Wireless Vacuum Cleaner Home Car Dual-use USB Rechargeable (Black)
Rs. 599 Rs. 999
42% OFF
Boldfit Cycle Pump for Bicycle Portable Air Pump for Cycle and Bike Foot Balloon Pump Machine for Balloon High Pressure Cycle Air Pump for Bicycle, Car, Football Pump, Pump for Cycle Tyre Black
Rs. 349 Rs. 599
SHAYONAM Dent Removal Kit - Powerful Car Dent Repair Kit - Suction Cup Dent Puller Handle Lifter and Dent Repair Puller for Car Body Dent, Glass, Tiles and Mirror (Plastic)
Rs. 399

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.