India’s total exports of petroleum products, which account for over a tenth of the gross value of outbound shipments, are set to drop below the 1.2 million barrel per day (mbpd) mark in the current calendar year, the lowest level of annual exports in the past 8 years.
The worrisome trend for export earnings is attributed to a robust rise in domestic demand coupled with a mega maintenance-led refinery shutdown slated for 2019. The country exported petroleum products – mainly petrol, diesel, naphtha, fuel oil and lubricants — worth $35 billion last financial year (2017-18).
“Overall, heavier maintenance program is to be expected this year, which will affect refinery throughput. This, coupled with robust domestic demand (expected to grow at 235 mbpd for the year as a whole), Read More
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