India gasoline, diesel exports up in December

India's gasoline and diesel exports rose in December, when robust margins prompted higher output of oil products.

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.

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.

The 92 Ron gasoline margin, or the Argus 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.

Output of oil products increased 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. Demand for transport fuels and [oil products rose on the month in December.

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.

India is a net exporter of oil products, but imports nearly 84pc of its crude needs. 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.

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.

By Sathya Narayanan