India’s refined petroleum product exports rebounded in May 2025, after witnessing a steep decline during April, aided by higher outbound cargoes of diesel, petrol, jet fuel and fuel oil.

According to the Petroleum Planning and Analysis Cell (PPAC), India’s petroleum products export rose by more than 39 per cent M-o-M and almost 7 per cent y-o-y to 5.63 million tonnes (mt) last month.

Exports had hit a low of a little over 4 mt in April 2025 impacted by lower jet fuel, diesel and petrol exports, which analysts largely attribute to domestic refinery maintenance and growing domestic demand.

For comparison, India’s POL exports averaged at 5.56 mt between July 2024 to March 2025. Exports had hit a high of 6.50 mt (September 2024) and 6.14 mt (March 2025).

Even as exports recouped from the April 2025 low, the earnings of the refiners have been impacted as crude oil prices declined compared to last year.

For instance, India exported 5.5 mt of POL worth $3.3 billion last month. However, exports of 5.3 mt in May last year had fetched $3.8 billion.

Similarly, POL exports during April-May FY25 fell by 3 per cent y-o-y to 10 mt. However, the earnings fell by a steeper margin, declining by 24 per cent y-o-y to $5.7 billion.

The price of Brent Crude averaged $64.22 per barrel during May 2025 as against $67.79 during April 2025 and $82.05 during May 2024. The Indian basket crude price averaged $64.04 per barrel during May 2025 as against $67.73 during April 2025 and $83.62 a barrel during May 2024.

Rebound

The PPAC data shows that the rebound last month was led by diesel followed by aviation turbine fuel (ATF), fuel oil and petrol.

Diesel exports rose by a healthy almost 81 per cent M-o-M and around 14 per cent y-o-y to 2.35 mt during May as refiners shipped higher quantities to Southeast Asia and Europe. Jet fuel cargoes rose by 54 per cent M-o-M to 752,000 tonnes. However, exports declined by 12 per cent y-o-y.

Similarly, fuel oil exports grew almost 27 per cent M-o-M and 17 per cent y-o-y to 172,000 tonnes. The commodity is used in industrial processes, heating among others.

Gasoline exports rose by 19 per cent M-o-M and 14 per cent y-o-y to 1.45 mt, which could be due to the upcoming summer travel season in the northern hemisphere.

Production of petroleum products rose by 1 per cent y-o-y to 24.3 mt during May 2025. Out of total production last month, the share of diesel was 42.1 per cent, petrol (17.1 per cent), Naphtha (7.1 per cent), ATF (6.2 per cent) and Pet Coke (4.9 per cent).

Published on June 30, 2025