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Crude oil imports rise in March on demand recovery

Posted Date : 18-06-2022

India's crude imports rose about 4.2% in March to 19.03-mt from a year earlier, as consumption picked up in the world's third-largest oil importer after COVID-19 curbs were eased.
Crude imports for the month were also 8.2% higher from February, according to data from the Petroleum Planning and Analysis Cell (PPAC).
India's fuel demand had scaled a three-year peak in March, with petrol sales hitting an all-time high, as demand rose and the market built up supplies ahead of expected price increases.
“The increase in imports can be attributed to demand recovery; COVID curbs have eased, there is pick-up in the industry and economy with schools, colleges and all opening,” 
“Also, Indian companies, both from the private and public sector, are not shying away from buying and utilizing cheaper crude available from Russia."
India has bought more than twice as much oil from Russia since it invaded Ukraine as in the whole of 2021, at a time when Western sanctions have prompted many oil importers to shun trade with Moscow. Imports of oil products rose 9% month-on-month, but were down 9.5% from 2021 at 3.62-mt.
Exports of oil products climbed 10.9% from a year earlier and of the total 6.74-mt exported in March, diesel accounted for 3.37-mt.

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