INDIA DATA: Gasoline exports at 5-year high as margins soar

23 Mar 2022

Quantum Commodity Intelligence - India's gasoline exports moved to a 5-year high in February, while diesel flows also ticked higher amid soaring refining margins for both products and a drop in Chinese exports.

Exports of gasoline were 1.277 million mt, equivalent to 45,610 mt per day, up 31% from January and 30% higher than in February 2019, showed Petroleum Planning and Analysis Cell Wednesday.

It was the highest daily average export for gasoline since March 2017.

Meanwhile, diesel outflows were 86,140 mt per day, up 4% from January and 27% from February 2019.

Daily domestic demand also reached the highest levels in 11-months for diesel and nearly three years for gasoline, pointing to a likely tick up in refinery run-rates or a drawdown in stocks.

Crude processing figures for February are set to be released in the next week. Input numbers were already seasonally strong in January at 700,290 mt/day, 1.5% higher than the average for the month over the period 2015-2019.


Gasoline margins, or cracks, versus Brent crude averaged $14.82/b for spot loading 92 RON cargoes FOB Singapore in February according to Quantum data, up from $11.50/b in January.

The same margin has risen to $16.40/b in March so far, despite underlying crude prices also hitting multi-year records following the Russian invasion of Ukraine.

Demand for the light end product has stepped up in Asia as economies recover while refinery run-rates have dropped overall as crude has fallen into shorter supply and China refined product export quota levels remain restricted.

Crude imports into India in February were healthy though at 628,290 mt/day, a rise of 1% from January and also 9% higher than the 5-year 2015-19 average for February.

For a detailed view of Indian crude and refined products trade by month as well as demand and refinery processing and output, visit Quantum's Data Dashboard.