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In October, India's diesel exports reached a 13-month high, according to preliminary vessel tracking data, as a global supply crunch and high prices due to conflicts in the West Asia and Russia-Ukraine war drove demand. Industry experts predict that India, a net exporter of petroleum fuels, will maintain strong diesel exports in the coming months.

The West Asia conflict, which began eight months ago, has disrupted global crude oil, fuels, and natural gas flows. Russia, the world's second-largest diesel exporter, has significantly reduced fuel exports due to attacks on its refineries by Ukrainian drones, making India the second-largest diesel exporter globally. In October, diesel exports averaged 0.71 million barrels per day (bpd), a 19.6% increase from September and an 8.1% increase from October of the previous year, as per Kpler data.

Private sector refineries, particularly Reliance Industries Ltd (RIL), led the exports, shipping 78% of the country's total diesel exports in October. RIL's exports rose 32.5% year-on-year, while public sector refiners also increased their diesel shipments amid high international market margins. However, domestic demand for diesel limits the volume available for exports, as India prioritizes domestic availability over overseas dispatches.

Despite this, India's capacity to export diesel is expected to increase in the coming year as more refining capacity is commissioned, most of it by public sector refiners.