In May, India’s crude oil imports nosedived by 22.6% year-on-year, the sharpest fall since 2005, as the nationwide coronavirus-related lockdown harmed fuel demand and refinery production.
Last month, crude imports slumped to 14.6 million tonnes, the lowest level since 2015, said the Petroleum Planning and Analysis Cell.
Imports of oil products fell by 0.8% year-on-year to 3.57 million tonnes while exports were at 5.75 million tonnes, showing a 5.9% increase yearly. Diesel exports skyrocketed by almost 33% to 2.79 million tonnes.
The increase in exports was due to the lower demand at home which prompted companies to send more oil abroad.
Going forward, demand is expected to even more battered in the country as the monsoon season is approaching. Manufacturing activities would remain low and transportation demand takes a hit in some parts of the country.
