India's Petroleum Product Exports Rise 8% in July, Diesel Leads Surge

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India's total petroleum product exports grew from 5 million tonnes (MT) to 5.5 MT in July 2023 compared to the same month last year, according to government data. Diesel exports specifically climbed from 2.2 MT to 2.4 MT over the same period. The strong export performance is driven by diesel currently fetching a premium of nearly 70% over crude oil prices, making overseas sales highly profitable for Indian refiners. Despite the government imposing a windfall gains tax to safeguard domestic fuel supplies, refiners have continued to find exports financially attractive. The data highlights India's growing role as a significant exporter of refined petroleum products in the global market.

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