Crude oil imports last month increased 15.8 percent versus JulyThe country's unrefined oil imports increased to a three-month peak in August, rebounding from a near 1 year low hit in July, as refiners stocked up to enhance runs in expectation of higher need around the festival season.Crude oil imports last month increased 15.8 per cent versus July and were likewise 3.1 percent higher than a year-ago at 17.39 million tonnes, information on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Friday.Last month's boost in imports came in spite of a month-to-month fall in domestic fuel consumption and refiners' crude oil throughput dropping to its least expensive in 10 months in August.
Imports most likely increased in anticipation of higher need over the fourth quarter with refiners requiring to increase throughput, stated Natixis products strategist Joel Hancock.Reliance Industries Ltd, the operator of the world's biggest refining complex, delivered in 7.6 per cent more oil in August compared to July and imported a record 312,000 barrels daily of United States oil last month, according to initial tanker information from shipping and market sources.Refiners in Asia's third-largest economy are preparing to modify their unrefined oil import mix in favour of lighter grades that yield more gasoline to fulfill a rise in need for the motor fuel.Petrol demand might strike a new record this year in India as alleviating COVID-19 curbs increases business and leisure travel.
If the pandemic stays under control and oil demand keeps increasing, India's unrefined imports are still expected to trend greater over the coming months and quarters, said UBS expert Giovanni Staunovo.Oil product imports gained 17 percent from a year earlier to 3.85 million tonnes and exports were up about 4.6 per cent.
Of the 4.80 million tonnes of exports in August, diesel represented 2.60 million tonnes.Asia's third-biggest economy imports and exports fine-tuned fuels as it holds surplus refining capacity.