Elevated international product prices have prompted India’s private refiners to boost exports, creating a shortage that state processors are now rushing to address with extra imports. The heightened import activity from India is shrinking Asia’s pool of fuel supplies at a time when China, which is also a key shipper of diesel and gasoline, has been cutting back. Planned fuel volumes from China for July have been reduced following refinery maintenance this month, according to industry consultant OilChem.
Surge in shipments
- Petrol imports are set to rise to about 37,000 barrels a day in the first half of July
- Diesel imports are set to surge to the highest since February 2020 at about 69,000 barrels a day
- The heightened import activity from India is shrinking Asia’s pool of fuel supplies
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