India's fuel export revenue reaches $27.2 billion — OilPrice

India earned 2.59 trillion Indian rupees, or $27.2 billion, from exports of diesel fuel, gasoline and other petroleum products in the six months through September. This is 50% more in rupee terms than in the same period of the previous year, OilPrice reports, citing Indian Oil Ministry data cited by The Economic Times.

Diesel became the main source of revenue

The dollar value of petroleum product exports rose by 40% in April–September. At the same time, export volumes declined by 16%, but higher regional fuel prices more than offset the drop in supplies. The regional price benchmark for diesel increased by 83%, while that for gasoline rose by 54%.

Diesel made the largest contribution to revenue. Proceeds from its exports increased by 58% to 1.2 trillion rupees, or $12.6 billion, although physical supply volumes fell by 19% compared with the previous year. In dollar terms, diesel revenue rose by 48%, while the average price of the regional diesel benchmark reached $151 per barrel.

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Expansion of refining capacity

India's Oil Minister Hardeep Puri said in September that the country would continue exporting diesel to help meet global demand and ease fuel shortages. According to him, India's refining capacity is growing thanks to years of investment.

Puri said that India's current refining capacity stands at about 5.36 million barrels per day and is expected to increase to 5.8 million barrels per day over the next year. By 2032, the country aims to raise it to 6.4 million barrels per day. The minister also noted that India is building new refineries and upgrading existing ones, while refining capacity is declining in several other parts of the world.