India’s petroleum products’ exports surge 8% in July

Govt data showed India exported 2.4 million tonnes (MT) of diesel in July this year, up from 2.2 MT in the corresponding month last year, while total petroleum product exports rose from 5 MT to 5.5 MT. Diesel is currently commanding nearly 70% premium over crude, making exports lucrative for refiners despite the windfall gains tax govt brought in to ensure adequate domestic stocks.