India's July crude oil imports rose more than 9% month-on-month, according to The Economic Times, with annual volumes climbing 13% on the back of stronger domestic fuel consumption. The yearly comparison was measured against 18.89 million tons imported in July last year, data from the Petroleum Planning and Analysis Cell (PPAC) showed.
Crude imports and product trade
The PPAC data cited by The Economic Times showed that imports of crude oil products fell nearly 2% month-on-month to 2.53 million tons in July, and were down more than 40% from a year earlier. By contrast, product exports rose over 8% to 5.03 million tons on an annual basis.
The table below summarizes the July trade and demand figures:
| Metric | July reading | Change |
|---|---|---|
| Crude oil imports | — | Up >9% month-on-month; up 13% year-on-year |
| Crude oil product imports | 2.53 million tons | Down ~2% from June; down >40% year-on-year |
| Product exports | 5.03 million tons | Up >8% year-on-year |
| Fuel consumption | 19.92 million metric tons | Up ~3% from June; highest since March |
| Petrol exports | — | Up 6.7% year-on-year |
| Diesel exports | — | Up nearly 9% year-on-year |
Fuel demand lifts to four-month high
India's fuel consumption in July rose about 3% from the previous month to 19.92 million metric tons, reaching its highest level since March, according to the same PPAC data reported by The Economic Times.
Key finding: July fuel consumption reached 19.92 million metric tons, the highest monthly total since March.
Refined product export trends were also positive. Petrol exports in July were 6.7% higher than a year earlier, while diesel exports were up nearly 9% over the same period, the report said.
Refining cost signals
The Economic Times also carried related supply-side headlines alongside the import data. One flagged that Russia is set to receive almost 270,000 tons of refined fuel from Asia in August, according to data cited in the report. The other described Indian refiners as facing a crude cost surge as Gulf premiums rise and Russian oil discounts vanish.
The combination of higher crude imports, rising fuel consumption and expanding product exports underscores the scale of Indian demand in July. On the supply side, the reported disappearance of Russian discounts and firmer Gulf premiums point to a tighter cost environment for Indian refiners, according to the market signals highlighted by The Economic Times.
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