Diesel Drives India's Fuel Export Windfall as Earnings Reach $12.6 Billion
Soaring diesel and gasoline prices hiked the value of India’s fuel exports by 50% between April and September, while the world was grappling with the worst of the Middle East crisis so far. India earned 2.59 trillion Indian rupees, or $27.2 billion, from fuel exports in the six months to September, per oil ministry data cited by The Economic Times. The surge in rupee terms was 50% compared to the…
Diesel has driven India's fuel export windfall to $12.6 billion between April and September, according to oil ministry data cited by The Economic Times. The surge in value, 50% compared to the same period last year, is attributed to both soaring diesel and gasoline prices and the weakening Indian currency against the U.S. dollar.
Diesel was the single biggest contributor, with a 58% jump to 1.2 trillion rupees or $12.6 billion. Despite a 19% decline in export volumes, regional diesel benchmark prices jumped by 83% and gasoline by 54%. India's Oil Minister Hardeep Puri emphasized the country's commitment to exporting diesel to help meet global demand, noting that India's refining capacity is expanding due to investments. By 2032, India aims to have 6.4 million barrels per day of refining capacity.
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