India, the world’s third-biggest oil consumer, shipped out gasoline and diesel at near-record volumes in March to profit from the high margins in selling the fuels abroad.
Refiners in India exported 3.37 million tons of diesel in March, the highest since April 2020, when overseas sales were a record 3.4 million tons as local demand plummeted during the Covid-19 lockdown, according to data on Petroleum Planning and Analysis Cell’s website. Gasoline exports reached a five-year high of 1.6 million tons.
Profit margins on diesel and gasoline surged since Russia’s invasion of Ukraine, upending global energy markets as buyers seek alternative sources to avoid the grip of potential sanctions on Russia’s fuel and crude oil shipments.
Reliance Industries Ltd., the nation’s top fuel exporter and operator of the world’s biggest oil refining complex, capitalized on its flexibility by deferring maintenance to produce more diesel.