The Hindu Business Line : Petroleum products export surges 89.1% in April

New Delhi May 24 Enhanced refining capacity in the country has pushed exports of petroleum products and propelled a substantial increase in crude oil imports in April 2007.

While crude oil imports saw an increase of 34.9 per cent, export of oil products surged ahead by 89.1 per cent. However, the import of petroleum products dipped by 12.5 per cent in the month under review.

Crude oil imports increased to 10.99 million tonne (mt) in April 2007-08 from 8.15 mt in the same month the previous year. However, oil product imports dipped to 1.09 mt as kerosene imports declined by 44 per cent.

According to officials, "High growth in crude imports is due to 16.5 mt refining capacity added since April 2006." Imports rose since Essar Oil commissioned its 10.5 mt per annum (mtpa) refinery at Vadinar in April 2006 and Indian Oil Corporation doubled its Panipat refinery capacity to 12 mtpa. India imports nearly 70 per cent of its total crude oil requirements.

New refining capacity

The month under review also saw a substantial increase in exports of petroleum products. Exports went up to 2.71 mt from 1.43 mt in the same month last year. High growth in exports was mainly due addition of new refining capacity. Essar was mainly exporting its production, hence, a high growth trend may continue in coming months, the official said.

April 2007 also saw continued high growth trend in consumption of petroleum products despite high base. Fuelled by high manufacturing and economic growth, the domestic oil product sales went up by 5 per cent to 10.27 mt in April.

Most of the major products _ LPG, motor spirit, naphtha, ATF, high-speed diesel, and bitumen _ recorded high growth. "Both public sector units and private oil companies have opined that robust growth in motor spirit and high speed diesel is likely to continue in 2007-08 also," the official said.

Diesel sales, which account for nearly a third of consumption, rose 8.4 per cent to 3.96 mt in April. While motor spirit consumption went up 11.8 per cent to 8,21,400 tonne, jet fuel demand soared 22.9 per cent to 3,52,500 tonne in April.

Related Stories:
Petroleum product exports zoom

More Stories on : Petroleum | Exports & Imports

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page