India crude imports up on refined product demand
By RAKESH SHARMA
NEW DELHI -- India's crude-oil imports in February rose 11% from a year earlier, boosted by strong demand for refined fuel products, government data showed Tuesday.
Imports were also helped by an additional day in February as 2012 is a leap year.
The South Asian nation imported 14.87 million tons, or 3.76 million bpd, of crude last month, compared with 13.43 million tons, or 3.52 million bpd, a year earlier, the data showed.
Sales of refined fuel products increased about 7%, led by diesel.
Demand for diesel is increasing as power shortages are leading to industries rely on generators for running factories. Also, commercial vehicle sales have been growing in the expanding economy.
Imports of refined fuel products in February fell 2% from a year earlier to 1.17 million tons, but exports of refined products rose 7% to 4.92 million tons, the data showed.
India, the fourth-biggest oil consumer in the world, is a net exporter of fuel products.
It is the fifth-biggest oil importer and meets about 80% of its requirement through imports.
Local refiners are also ramping up imports as supplies from Iran, the country's second-largest supplier after Saudi Arabia, face a threat of disruption in the wake of sanctions by the US and European Union on the Islamic Republic.
Dow Jones Newswires
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