loading
loading
Earnings increased nearly 40% in dollar terms, according to petroleum and natural gas ministry data, reflecting a sharp rise in international fuel prices. Average regional benchmark prices for diesel and petrol climbed 83% and 54%, respectively, during the six months to September. Also read: Govt amends motor vehicle rules to allow E100 fuel for flex-fuel vehicles, clarifies E20 vehicles unaffected The gains were amplified by the rupee's depreciation. The currency averaged 95.17 to the dollar in April-September, against 86.44 a year earlier - a slide of about nine rupees against the US currency. Crude oil prices remained elevated over the past six months amid supply disruptions caused by the near-closure of the Strait of Hormuz. Diesel Biggest Contributor Diesel prices faced additional pressure from attacks on Russian refineries and tighter supply-demand conditions, pushing prices to record highs in some months. Diesel drove much of earnings growth. Export earnings from the fuel rose 58% in rupee terms to about ₹1.2 lakh crore despite a 19% decline in volume. In dollar terms, earnings increased 48%, while average regional diesel benchmark prices rose to $151 per barrel. Decline in export volume reflects tightening domestic surplus as demand expanded while production stagnated, an industry executive said. Domestic consumption remained strong despite geopolitical uncertainty and domestic price increases, leaving refiners with less fuel to sell overseas. In the six months to September, diesel and petrol consumption grew 5% and 7%, respectively, while production fell 0.3% and 0.8%, respectively. Also read: India appears better stocked for West Asia crisis, but oil shock threatens India primarily exports diesel, petrol, jet fuel, naphtha and fuel oil. Diesel made up 42% of petroleum product exports by volume, while petrol made up 23%. Reliance Industries accounts for about 70% of India's fuel exports, with Rosneft-backed Nayara Energy, state-run MRPL and other refiners supplying the remainder. The rupee has remained under pressure over the past six months amid elevated crude oil prices and foreign capital outflows. Higher oil prices increase dollar demand from domestic refiners paying for imported crude, which accounts for nearly 90% of domestic consumption. About a quarter of the dollars spent on importing crude and fuels returns through exports. By volume, India exports a fifth of the crude and fuel it imports. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
document fetched 2026-10-27 02:57