India’s oil imports in November grew at their fastest pace in seven months, while diesel exports soared the most in about 2 years, indicating higher refinery runs amid falling local demand for gasoil due to a slowing economy.
India’s November oil imports rose 12.7% to 19.17 million tonnes (about 4.7 million barrels per day), the biggest year-on-year increase since April, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed.
“Some of the refineries were undergoing revamp because of fuel upgrade projects, that was one reason why imports were low in the previous months,” said K Ravichandran, senior vice president at ICRA, a unit of Moody’s Investors Service.
