Petroleum product exports decline by 10.9 per cent in March
India’s export of petroleum products decreased by 10.9% in March 2023 and 2.7% during April 2022-March 2023 as compared to the corresponding period of the previous year.
NEW DELHI: India’s export of petroleum products decreased by 10.9% in March 2023 and 2.7% during April 2022-March 2023 as compared to the corresponding period of the previous year.
According to the monthly data by the Petroleum Planning and Analysis Cell (PPAC), a body of petroleum ministry, India’s crude oil imports from OPEC countries decreased to 59.5% of total imports during April-March 2022-23 as compared to 71.6% during April-March 2021-22. This comes after India’s crude oil imports increased by 8.9% and 9.5% during March 2023 and April 2022-March 2023, respectively.
“Decrease in POL (petroleum, oils and lubricants) products exports during April -March 2022-23 were mainly due to decrease in exports of motor spirit (MS), naphtha, superior kerosene oil (SKO) and high speed diesel (HSD) etc,” reads the monthly report.
However, the country’s indigenous crude oil and condensate production was down by 1.7% in March 2023. Crude oil processed increased by 5.6 % during April-March 2023 as compared to last year. The petroleum product imports decreased by 0.7% and increased by 12.3% during March 2023 and April 2022-March 2023, respectively.
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