India is becoming a major supplier of fuel in Europe. The closure of oil refineries in Europe during the Corona epidemic and the subsequent Russia-Ukraine war gave India an opportunity to supply fuel to Europe. By buying crude oil from Russia at a cheap price and then converting it into suitable fuel for various vehicles, India has become an exporter of petroleum products. This is the reason why the share of petroleum products in the export of goods has increased to more than 17 percent. Five years ago this share was close to 12 percent. In April-September of the current financial year 2024-25, India's merchandise exports stood at $ 213 billion and of these, $ 36.5 billion was exported of petroleum products. In the last three years, countries like Netherlands, Britain, France, Norway are mainly purchasing petroleum products. Due to petroleum products, India's exports are increasing in many countries of Europe. Along with European countries, India is also exporting petroleum products to countries like Singapore, South Africa, UAE, Australia.
According to the data of the Ministry of Commerce, petroleum products account for 65 percent of the exports from India to the Netherlands. Netherlands has joined India's first five export markets. Similarly, petroleum products account for 20 percent of the total exports to Britain. In April-July of the current financial year 2024-25, there was an 883 percent increase in the export of automotive diesel fuel to France. Along with automotive diesel fuel, fuel used in airplanes and motor vehicles, high speed diesel, kerosene are prominently included. In the financial year 2018-19, India exported petroleum products worth $ 5.9 billion to Europe, which crossed $ 20 billion last financial year. According to various global agencies, India's share in the total petroleum imports to Europe is 12 percent. The share of America and Saudi Arabia is 21 and 17 percent respectively.
India became a big buyer of crude oil from Russia at a cheap price
After the sanctions imposed by the US and major European countries on Russia after the Russia-Ukraine war, India became a big buyer of crude oil from Russia at a cheap price. India, which was dependent on countries like Saudi Arabia, UAE, Iraq for the purchase of crude oil, is now buying about 40 percent of its crude oil from Russia. In the financial year 2023-24, there was an increase of 49 percent in the import of crude oil from Russia as compared to the financial year 2022-23. In the current financial year 2024-25, there is an increase of 26 percent in the import of crude oil from Russia during April-July.
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