Indian refiners’ crude throughput declined 5.7 per cent month-on-month in September to 5.14 million barrels per day (21.03 million metric tons), marking its lowest level since February 2024, provisional government data showed on Tuesday. Refinery throughput in August was at 5.27 million barrels per day (22.29 million metric tons).
On a year-on-year basis, refinery throughput fell 0.8 per cent in September. India’s fuel consumption hit one-year low in September, slipping by half percentage point month on month to 18.63 million metric tons, oil ministry data showed on October 7.
Crude oil imports rose 1.7 per cent in September to 19.93 million metric tons month-on-month, their highest level since June, government data showed on Monday.
India is the world’s third-biggest oil importer and consumer. The European Union, the UK and the US have imposed a raft of sanctions against Russia over its war in Ukraine, including fresh US sanctions on Thursday targeting Russia’s two top oil producers Lukoil and Rosneft.
The US has given companies until November 21 to wind down their transactions with the Russian oil producers. Many Indian refiners have paused new orders for Russian oil since US sanctions last week on Moscow’s top two crude exporters as they await clarity from the government and suppliers, with some turning to the spot market for alternatives, industry sources said.
However, state-run Indian Oil said on Tuesday it would not stop buying Russian oil as long as it is complying with sanctions. India’s state-run Bharat Petroleum Corp on Tuesday signed three agreements at an industry event, including one with Oil India OILI.NS to build a 1-trillion-rupees ($11.38 billion) greenfield refinery and petrochemical complex in Andhra Pradesh.
