The Hindu Business Line : Crude oil import dips in May; petroleum product exports, consumption rise

New Delhi June 21 While the country's crude oil import dipped in May, exports of petroleum products and domestic consumption of petroleum products saw an upward movement when compared to April.

Indian refineries imported 10.35 million tonne (mt) crude oil in May, up 14.4 per cent from the same month last year, but down from 10.99 mt imported in April.

India imports nearly 70 per cent of its total crude oil requirements. The import of petroleum products in May stood at 1.48 mt up from 1.39 mt in the same month last year. However, the import of oil products in May was higher than that of April (1.09 mt) this year.

LPG imports

Rising domestic liquefied petroleum gas (LPG) demand has led to higher imports by public sector undertakings, official sources said. The country's LPG imports in May shot up by 67.3 per cent, kerosene imports rose 153.2 per cent, and diesel 53.4 per cent.

Export of various oil products during the month was at 3.33 mt (from 2.71 mt in April) up from 2.11 mt during the same month last year. The reason for boost in exports was due to commissioning of Essar Refinery. Two-third exports of petroleum products are from the private sector oil companies, according to official sources.

Private cos' share

As per estimates, private oil company exports contributed 14.2 per cent of the total exports of the country against only 10.9 per cent in 2005-06.

The country's sale of petroleum products in May fell 0.9 per cent due to a high base last year when dealers had topped up their tanks ahead of an increase in auto fuel prices. Domestic sales dropped to 10.79 mt, compared with 10.89 mt in the same month a year ago. This was however higher than the sales number of April this year, which stood at 10.27 mt.

Growth for both petrol and diesel during May was low, the sources said.

Diesel sales, which account for nearly a third of consumption, rose 1.2 per cent from a year earlier to 4.12 mt, while petrol sales were up 2 per cent. The diesel sale in May is higher compared with 3.96 mt in April.

``This is the normal demand level. May 2006 saw an abnormally high growth in petrol and diesel sales because dealers built up high inventory levels on news of petrol and diesel price hikes, '' the official said.

More Stories on : Petroleum | Exports & Imports

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