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Energy
India's petroleum product exports have shown a notable trend in recent months, marking a 3.7% increase in volume during the period from April to February, reaching a total of 59 million tonne (MT). However, despite this rise in volume, the value of these exports has seen a decline of nearly 7%, reaching $40.4 billion in the same period, compared to $43.4 billion in the previous fiscal year. This decline in value despite an increase in volume is primarily attributed to weaker global prices compared to the previous year[2][4].
The growth in the volume of petroleum products exported by India is driven by higher shipments of motor spirit (MS), petcoke, and fuel oil. These products have seen significant demand globally, contributing to the overall increase in export volume. In contrast, the value of exports has been impacted by global price volatility, which has resulted in lower earnings despite higher quantities being exported[2][4].
The global market for petroleum products is influenced by a variety of factors, including geopolitical tensions, supply-demand imbalances, and fluctuations in crude oil prices. The average Brent crude price in February 2025 was $75.16 per barrel, marking a decline from previous months and impacting the overall value of exported products[1]. This volatility in global prices has been a significant challenge for India's petroleum exports, affecting not only the value of exports but also impacting the country's energy sector as a whole.
In addition to export trends, India's domestic consumption of petroleum products has also seen growth, with a 2.6% increase in consumption reaching 218.3 MT during the first eleven months of the fiscal year. The demand for key products like diesel, motor spirit (MS), LPG, and aviation turbine fuel (ATF) has driven this increase. Furthermore, imports of refined oil products rose by 5.6% to 46.8 MT during the same period, reflecting a continued reliance on imports to meet domestic demand[2].
Despite the challenges posed by global price fluctuations and geopolitical tensions, India's petroleum sector remains a critical component of its economy. The government's focus on increasing domestic production and refining capacity could help mitigate some external pressures. However, geopolitical uncertainties and potential supply glut concerns in the global oil market pose significant risks to India's export prospects moving forward[2].
The international energy market remains volatile, with ongoing conflicts and supply chain disruptions impacting prices. The Russia-Ukraine conflict and tensions in West Asia have heightened geopolitical risks, contributing to fluctuations in crude prices and the overall energy landscape. As India seeks to expand its role in the global petrochemical market, it must navigate these challenges while leveraging opportunities for growth[2].
The dynamic nature of India's petroleum exports reflects broader trends in the global energy market. As the sector continues to evolve, adapting to price volatility and geopolitical challenges will be crucial for sustained growth and competitiveness. With ongoing developments in refining and production capacity, India aims to strengthen its position in the international petroleum market.
