Global energy markets, which have seen a number of abnormalities in 2022 as flows are diverted and prices rise, have seen a new twist: India, traditionally Asia’s biggest gasoline and diesel exporter, has been obliged to increase fuel imports.
According to Vortexa Ltd., gasoline imports increased to almost 13,000 barrels per day in the first half of June, a seven-month high. Meanwhile, diesel imports are expected to reach their highest level since February 2020, at over 48,000 barrels per day, according to tenders from Indian Oil Corp. and Bharat Petroleum Corp., as well as Vortexa data.