India’s exports of petroleum products fell 8.6% year-on-year to $23.2 billion during April-October of FY26, down from $25.4 billion in the same period last year, according to data from the Petroleum Planning and Analysis Cell (PPAC). In volume terms, however, exports remained largely unchanged at 37 million tonnes during the period.
Imports of refined oil products stood at $13.9 billion during the seven-month period, against $13.8 in Apr-Oct of FY25. The country imported 29.8 million tonnes of petroleum products, up 1% from the same period of last fiscal.
According to Kpler, India’s export of petroleum products declined by 21% to 1.25 million barrels per day in October from 1.58 mbd in September. On an annual basis, the exports however increased by 2.4% from 1.22 mbd in October 2024.
Who are the top importers of India’s refined oil products?
UAE, Netherlands, and Singapore emerged as the top destinations for the country’s refined oil products. Exports to the UAE declined 27% to 132,000 bpd last month, while exports to Netherland increased by as much as 255% to 156,000 bpd from 44,000 bpd in September. Exports to Singapore also surged 81% to 113,000 bpd last month.
Meanwhile, Nayara Energy’s operations continue to face challenges in its exports due to disruptions caused by international sanctions but operations are seen improving gradually.
As part of its measures against Moscow, the EU has imposed sanctions on the Indian oil refinery owned by Rosneft-backed Nayara Energy and tightened the oil price cap.
In response, Nayara is exploring alternative outlets, including new markets, and even barter arrangements with Rosneft—exchanging refined products for crude. To adapt, the refinery has been redirecting fuel to the domestic market, supported by government-facilitated logistics.
New Delhi has increased rail transport capacity, now running two to three trains of around 50 tanker cars daily, more than double the previous volume, and has also authorised the use of coastal vessels, including some from the shadow fleet, to move products, Kpler had said.
Effect of sanctions on Nayara
Post these sanctions, Nayara cannot export fuel such as petrol and diesel to European countries.
The US too has recently imposed sanctions on Russia’s two largest oil companies Roseneft and Lukoil that fund the Kremlin’s war against Ukraine.
Following the sanctions (effective 21 November 2025), Kpler observed accelerated Russian crude arrivals ahead of the deadline, with no refiner except Nayara expected to import from sanctioned suppliers thereafter.
India’s consumption of petroleum products during the first seven months of FY26 rose by a marginal 1.2% at 139 million tonnes from last year. For FY26, the country has projected its domestic petroleum product demand to reach a record 252.9 million tonnes.
