Indian refiners maximise: Fuel exports hit 1-yr high as robust margins, Russia diesel export ban help

India's fuel exports hit a one-year high in July, reaching 1.53 million barrels per day, up 27% from the previous 12-month average, according to Kpler.

Strong diesel refining margins and Russia's ban on diesel exports incentivized Indian refiners to boost overseas shipments.

India's crude oil imports from Russia hit an all-time high of 2.8 million barrels per day in July.

Ukraine's strikes on Russian refineries led Moscow to halt petrol and diesel exports, increasing its reliance on imports, including from India.

Kpler's lead analyst Nikhil Dubey said cargoes headed to regions previously supplied by West Asia and Russia to fill supply voids, with countries like Turkey replacing Russian fuel with Indian supplies.