India’s base oil imports rise in 1H FY24-25

Market: Oil products
02/12/24

India's base oil imports rose by 33pc on the year to 1.54mn t in the first half of the country's 2024-25 fiscal year, between April and September, data from GTT show.

Blenders likely imported more cargoes owing to a decrease in domestic base oil production caused by plant issues and maintenances.
This happened despite a slowdown in India's economic growth. The country's GDP is estimated to have grown by 6pc in April-September, compared with 8.2pc in the same period in the previous year, government data show.
Vehicle sales in the country reached 1.31mn units between April and September, a 12.5pc increase from the previous year, according to data from the Society of Indian Automobile Manufacturers (Siam). This likely boosted demand for finished lubricant.
Base oil imports in September rose for the second consecutive month to 236,427t, as demand increased towards the end of the monsoon season.
South Korea continued to be the top supplier to India, with imports reaching 115,487t in September, an 81pc increase from the previous year.

By Chng Li Li

India base oils imports					t
	Sep'24	m-o-m ± %	y-o-y ± %	Apr-Sep FY24/25	y-o-y ± %

South Korea	115,487	29.9	80.7	648,412	63.4
Singapore	33,356	-4.8	-31.0	215,775	35.2
Spain	22,896	177.6	201.3	80,309	71.0
Saudi Arabia	20,917	21.6	82.1	120,738	11.2
Qatar	11,047	594.3	1,235.8	78,950	41.3
Total	236,427	11.8	22.1	1,537,599	33.2
Source: GTT
Total includes all countries, not just those listed

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