<article><p class="lead">India's gasoline and diesel exports rose in December, when robust margins prompted higher output of oil products.</p><p>Exports of all products totalled 6.13mn t last month, up by 19pc from November and by 31pc year on year, provisional oil ministry data show. That level is still 5pc below pre-pandemic December 2019.</p><p>Gasoline shipments rose by 29pc from the prior month to 375,000 b/d in December, up by 44pc on an annual basis and by 3pc compared with the same month in 2019. Diesel exports rose by 12pc on the month to 772,000 b/d, which was up by 21pc on the year and by 2pc from December 2019.</p><p>The <a href="https://direct.argusmedia.com/newsandanalysis/article/2288819">92 Ron gasoline margin</a>, or the <i>Argus</i> 92 Ron gasoline spot price against Ice Brent, moved up to $11.61/bl on 31 December from $7.89/bl on 1 December. The Singapore gasoil swaps against Dubai crude edged up to $12.78/bl from $10.63/bl in the period.</p><p>Output of <a href="https://direct.argusmedia.com/newsandanalysis/article/2293232">oil products increased</a> by 1.9pc on the month to 22.8mn t, and was up by 5.9pc year on year and by 3pc from December 2019, according to ministry data. <a href="https://direct.argusmedia.com/newsandanalysis/article/2290565">Demand for transport fuels and [oil products rose</a> on the month in December.</p><p>Exports of jet fuel were unchanged on the month at 145,000 b/d in December. This was higher by 81pc from a year earlier but was down by 13pc compared to pre-Covid levels. Naphtha shipments edged up on the month by 4pc to 184,000 b/d. This was up by 5pc on an annual basis but down by 34pc from December 2019.</p><p>India is a net exporter of oil products, but <a href="https://direct.argusmedia.com/newsandanalysis/article/2288438">imports nearly 84pc of its crude needs</a>. Crude imports last month rose by 4pc from November to 4.65mn b/d, up by 5pc from December 2019 but down by 4pc year on year.</p><p>Imports of bitumen, used for road construction, was unchanged on the month at 214,000t and down by 6pc on the year. Demand was lacklustre because of unseasonable rains.</p><p class="bylines">By Sathya Narayanan</p></article>
