India’s export earnings from petroleum shipments fell steeply during the first 11 months of fiscal year 2024 due to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil. During FY2023, India, despite not being a major petroleum producer, expanded its export markets for refined petroleum products helped by the availability of cheap Russian oil and a demand for value-added petroleum products from countries in Europe, West Asia and North Africa. According to data from the commerce ministry’s Niryat portal, earnings from exports of chemicals and petroleum products stood at $75.01 billion in the April-February FY24 period, down 9.69% from $83.06 billion a year ago. The price of Russian oil fell following western sanctions over the country’s invasion of Ukraine in February, 2022. Earnings from exports of chemicals and petroleum products stood at $53.85 billion during the April-February FY22 period.
