Page 152 - CW E-Magazine (4-3-2025)

Hydrocarbons

TRADE TRENDS
‘India imported €49-bn worth of Russian oil

in third year of Ukraine invasion’

India bought crude oil worth €49-bn
from Russia in the third year of
Moscow’s invasion of Ukraine, a global
think tank has said.

India, which has traditionally sourced
its oil from the Middle East, began
importing a large volume of oil from
Russia soon after the invasion of Ukraine
in February 2022. This is primarily because
Russian oil was available at a signifi cant
discount to other international bench-
marks due to western sanctions and some revenues from fossil fuels in the third of oil products from six refi neries in India
European countries shunning purchases. year of the invasion,” the Helsinki-based and Turkey that process Russian crude.
Centre for Research on Energy and Clean An estimated €9-bn of this was refi ned
This led to India’s imports of Rus- Air (CREA) said in its latest report. from Russian crude,” the CREA report
sian oil seeing a dramatic rise, growing said.
from less than 1% of its total crude oil The value of India’s import saw an
imports to 40% in a short period. “Russia’s 8% year-on-year increase, it said. Some The EU is the biggest importer of oil
stronghold over new markets has solidi- of the refi neries in India turned Russian products from India’s and Turkey’s refi ne-
fi ed in the third year of the invasion. The crude oil into fuels like petrol and diesel ries. On average, 13% of these refi neries’
three biggest buyers, China (€78-bn), that were exported to Europe and other total production is targeted towards
India (€49-bn) and Turkey (€34-bn) were G7 countries. “In the third year of the exports for the bloc in the third year of
responsible for 74% of Russia’s total invasion, G7+ countries imported €18-bn the invasion.

CONSUMPTION TRENDS
Domestic fuel demand growth slows to 3.5%

in April 2024-Jan 2025

India’s petroleum products demand months, with sales in January registering April-January period. In January
growth has slowed to 3.5% this fi scal a 4.2% year-on-year growth. though it grew by 1.7%. A decline in
year from 5.1% in the previous year on bitumen consumption is indicative
slower growth in diesel consumption The January growth was “driven of slower road building in the
and a decline in the sales of bitumen by increased demand due to holiday country. Sales of naphtha fell 2.9%.
that’s used for building roads. season, manufacturing and freight Petrol sales have been robust through
movement,” the oil ministry said in its the year, growing at 7.9% in the
Diesel, which accounts for 38% of monthly analysis. It was also supported April-January period and 6.7% in
the country’s petroleum product sales by increased rural consumption, January. Last year, it grew 6.2%.
volume, grew 2.4% in the April-Janu- government spending and Mahakumbh
ary period, down from 4.3% in the pre- tourism, it said. “The growth in petrol is primarily
vious year. The sales were affected by attributed to increased personal mobility
an extended rainy season that affected Consumption of bitumen, used and winter tourism (largely dominated
freight movement. Diesel sales have, almost entirely for road building by Mahakumbh 2025),” the ministry
however, picked up in the last few in the country, fell 4.9% in the said.

152 Chemical Weekly March 4, 2025

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