(Reuters) – India’s crude oil imports in April were little changed from the previous month as a second COVID-19 wave forced several states to impose mobility restrictions, stemming fuel demand and leading to larger stockpiles.
Crude oil imports in April were at 18.26 million tonnes, although on a yearly basis they rose about 10.3%, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday.
“Refiners were already processing crude at exceptionally high utilisation rates, which might have resulted in high stocks… Some refiners might have decided to wait before buying at high prices,” said Refinitiv analyst Ehsan Ul Haq.
