India’s exports of petroleum products fell 7.9% year-on-year to $26.6 billion during April-November of FY26, down from $28.9 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 42.3 million tonnes during the period.
Imports of refined oil products stood at $14.7 billion during the eight-month period, against $15.9 in Apr-Nov of FY25. The country imported 34 million tonnes of petroleum products, marginally down by 1% from the same period of last fiscal.
In November, six refineries in India and Turkiye exported EUR 807 million of refined oil products partially made from Russian crude to the EU (EUR 465 million), USA (EUR 110 million), UK (EUR 51 million), Australia (EUR 150 million), and Canada (EUR 31 million), as per data from Centre for Research on Energy and Clean Air (CREA).
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Shift in Export Destinations
While there was an 8% month-on-month reduction in the refineries’ exports to sanctioning countries led chiefly by the European Union, US, and UK, who recorded monthly reductions of 32%, 40%, and 62%, respectively, exports to Australia increased by 69% in November with all the cargoes originating from Reliance’s Jamnagar oil refinery, CREA said.
In its 18th sanctions package, the EU has banned the imports of ‘oil refined from Russian crude’. The regulation bans imports from countries that are ‘net importers’ of crude oil.
India’s consumption of petroleum products during the first eight months of FY26 rose by a marginal 1.4% at 160.2 million tonnes from last year. For FY26, the country has projected its domestic petroleum product demand to reach a record 252.9 million tonnes.
Record Domestic Demand
The country remained the second-largest buyer of Russian fossil fuels, importing a total of EUR 3.3 billion of Russian hydrocarbons in November. Crude oil constituted 79% of India’s purchases totalling EUR 2.6 billion, followed by coal (EUR 457 million) and oil products (EUR 236 million), as per data from CREA.
India’s Russian crude imports recorded a 4% month-on-month increase to the highest volumes in five months, even as overall import volumes remained stable.
In fact, India’s purchases may well record another increase in December, as cargoes loaded before the US Office of Foreign Assets Control (OFAC) sanctions kicked in are delivered through the month, CREA said.
In November, the average price of Russia’s Urals crude fell by 6% to $55 per barrel, remaining above the new price cap of $47.6 per barrel.
