The Petroleum Planning and Analysis Cell (PPAC) in its latest data has showed that crude oil imports of India rose to their highest level in 10 months as refiners stocked up to boost runs in anticipation of strong demand in the world's third-largest oil consumer and importer. Crude oil imports rose to 18.3 million tonnes in November, higher by 7.5% versus October and were also 0.5% higher than a year ago.
The relatively high imports corresponded with the country's crude processing hitting its highest level since February 2020 during the same month refiners operated at full capacity in hopes of a steady uptick in demand. Meanwhile, India's fuel consumption fell last month after scaling a seven-month peak in October, as demand eased after the festive season.
As per the data, oil product imports dropped 26.6% to 3.4 million tonnes from a year earlier, while exports jumped 26.8%. Of the 5.1 million tonnes of exports in November, diesel accounted for 2.7 million tonnes. Asia's third-biggest economy imports and exports refined fuels as it holds surplus refining capacity.
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