Growing demand, low refining capacity: India imports more, exports less oil

India's oil import bill has shot up as global prices rise but export of processed crude has trailed

It is a puzzle how the country’s exports of refinery products have been falling in value terms in recent months, even as international crude prices have been soaring.
 
Deeper analysis, however, explains that a growing appetite for oil, that has overtaken the slow rise in refining capacity, is behind India being unable to cash in on the oil price boom, even as the country stares at a much larger import bill. Exports have been set back further by a closure of major refining facilities, including Paradip, due to maintenance and upgradation works.
 
 Monthly trade data shows that the