(Consultant picture)

NEW DELHI: India’s crude oil imports fell in June to their lowest stage since February 2015, whereas year-on-year refined product exports declined for the primary time in virtually a yr, authorities knowledge confirmed on Friday.
Crude oil imports final month dropped about 19% from a yr earlier to 13.68 million tonnes, down for a 3rd straight month, knowledge from the Petroleum Planning and Evaluation Cell (PPAC) of the ministry of petroleum & pure fuel confirmed.
“That is doubtless pushed by not but totally recovered oil demand and expectation that it’d take longer to have Indian oil demand rising strongly once more,” mentioned UBS analyst Giovanni Staunovo.
“Along with greater crude imports in the beginning of the yr, crude tanks are nonetheless effectively stuffed, decreasing the necessity to import extra crude for now.”
Gasoline demand in India, the world’s third-biggest oil importer and shopper, fell 7.8% in June in contrast with a yr earlier as surging coronavirus instances and rising retail costs hammered demand.
“India’s gasoline demand restoration will proceed to stall as coronavirus instances proceed to skyrocket,” mentioned OANDA senior market analyst Edward Moya.
India’s tally of COVID-19 instances jumped by a file 55,078 on Friday to 1.64 million in India.
Oil product exports fell about 6%, their first year-on-year fall since August 2019, primarily pushed by declining diesel exports, which slid to their lowest since April final yr.
Shipments of diesel additionally registered their first year-on-year decline since August final yr, falling 5.7% to 2.09 million tonnes.
“To include the rising inventories, some refineries are actually planning to conduct upkeep and shutdowns in late third quarter of 2020, which can doubtless preserve exports in verify,” mentioned Aaron Cheong, oil product analyst at consultancy Power Elements.
The nation’s high refiner, Indian Oil Corp, mentioned it could proceed to function its refineries beneath capability in 2020-21 because it anticipated native and abroad gasoline demand to stay subdued.