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UAE money transfers: Philippines gains as India, UK, Europe and 5 other destinations get less for your dirhams

UAE Remittance Tracker for September shows what AED1,000 to AED10,000 buys in India, Pakistan, Philippines, UK, Europe and five other destinations

New Delhi: India has become a critical source of diesel for Europe, supplying around 60% of the fuel passing through the Bab-el-Mandeb in August, as Russian exports face severe constraints and US shipments begin to weaken, according to Vortexa data. Approximately 200,000 barrels per day of diesel transited the Bab-el-Mandeb in August on vessels heading to Europe, near year-earlier levels following a significant drop in flows through the shipping route in March and April.

India, the world's fourth-largest refiner with an installed capacity of 258.1 million tonnes per annum, surpassed domestic fuel demand, and exported 61.5 million tonnes of petroleum products in 2025-26, making it one of the largest exporters of refined products globally. However, EU's diesel supplies are at risk as crude and condensate shipments into India fell for the second consecutive month in August, Russian diesel exports remain absent, Ukrainian drone strikes have disrupted Russian refining and export infrastructure, and the Black Sea accounted for a significant portion of Russia's diesel exports before port and refinery disruptions reduced available volumes.

India is now stepping in to fill the gap left by Russia and the weakening US supplies, ensuring the continuity of the eastern supply route for Europe.

Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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