Indian refiners’ crude throughput declined 4.4% month-on-month in August to 5.27 million barrels per day (22.29 million metric tons), according to provisional government data released on Thursday.
Refinery throughput in July was at 5.51 million barrels per day (23.31 million metric tons).
On a year-on-year basis, refinery throughput rose 3% in August.
India’s fuel consumption in August hit an 11-month low, slipping 3.8% month-on-month to 18.73 million metric tons, oil ministry data showed.
India is the world’s third-biggest oil importer and consumer.
Meanwhile, Indian oil refiners are increasing gasoline and diesel exports to their highest levels in several years, driven by expanded crude processing capacity and increased domestic ethanol blending that has freed up fuel supplies for overseas markets, traders and analysts said.
India fuel exports surge to multi-year highs on higher refinery runs, ethanol blending
This year, India’s crude processing is expected to increase by 130,000 to 160,000 barrels
per day to about 5.51 million bpd, with gasoline exports hitting a record high of around 400,000 bpd, according to consultancy Wood Mackenzie.
In July, European Union countries approved an 18th sanctions package against Russia over its war in Ukraine, with a lower price cap on Russian oil.
The rise in Indian exports is expected to help meet Europe’s winter heating oil demand and support Indian refining margins, after refiners turned to discounted Russian crude.
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