India’s petroleum products exports to hit 8-year low in 2019

India’s total exports of petroleum products, which account for over a tenth of the gross value of outbound shipments, are set to drop below the 1.2 million barrel per day (mbpd) mark the lowest level of annual exports in the past 8 years.

The worrisome trend for export earnings is attributed to a robust rise in domestic demand coupled with a mega maintenance-led refinery shutdown slated for 2019. The country exported petroleum products – mainly petrol, diesel, naphtha, fuel oil and lubricants -- worth $35 billion last financial year (2017-18).

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