Oil exports jump 50% in 2003-04

Petroleum product exports jumped more than 50 per cent to Rs 16,317 crore in 2003-04 as against Rs 10,868 crore during the previous year.

It is clear that oil exports are emerging as a major foreign exchange earner for the country and have recorded an impressive 5,232 per cent increase in rupee terms over the past five years.

With an increase in the oil refining capacity in the country, petroleum product exports, which were a mere Rs 306 crore in 1998-99, moved up to Rs 698 crore in 1999-2000, Rs 7,672 crore the following year, Rs 8,285 crore in 2001-02, Rs 10,868 crore in 2002-03, and Rs 16,317 crore last financial year.

During 2003-04, petrol exports moved up to Rs 4,021 crore from Rs 3,011 crore in the previous year, aviation turbine fuel (ATF) to Rs 1,948 crore from Rs 790 crore, diesel to Rs 6,783 crore from Rs 3,547 crore and lubes to Rs 37 crore from Rs 24 crore. Naphtha exports, however, dropped from Rs 2,325 crore in 2002-03 to Rs 2,191 crore in 2003-04.

In dollar terms, the country's petrol exports during 2003-04 came to $ 877 million, naphtha $ 478 million, diesel $ 1,475 million, lubes $ 6 million, fuel oil $ 205 million, ATF $ 426 million, and bitumen $ 1 million.