The country's export of petroleum products fell by 15%

New Delhi: India's exports of petroleum products, which started stabilizing last month after a sharp decline in the beginning of 2024, have once again seen a decline of 15 per cent in March due to weak margins on the export front.

India exported 304,427 barrels of refined oil products per day to Europe in March, down 6.5% from February. Exports to Asia fell 22% to 308,740 barrels per day during the month.

Asia accounts for 24.2% of total exports, the largest among all continents. Then the share of Europe and Africa is 23.8% and 23.3% respectively. Ample supply in Europe and Asia is reducing arbitrage in these markets. India's diesel exports saw the biggest decline in March, which could be due to weak export margins.

India exports various commodities including petroleum products through the Red Sea. According to government data, the country's exports of petroleum products increased by 5.1% to Rs 8.24 billion in February, from Rs 7.84 billion in February 2023.

Although India's exports of petroleum products have slightly outstripped all outward shipments, imports of these commodities have been growing rapidly.