The Hindu Business Line : Petroleum product exports zoom

Chennai March 17 Export of petroleum products from India is growing at a runaway rate and is next only to engineering goods in terms of the share of the country's export basket. According to data compiled by the Reserve Bank of India and published in its latest monthly bulletin, the country exported petroleum products worth $11.3 billion in the April-October 2006 period accounting for 15.92 per cent of the total value of all exports. This is significantly higher than the performance a year before in April-October 2005 when the country exported petroleum products worth $6.11 billion accounting for 10.79 per cent of total exports.

In short, petroleum product exports has almost doubled in value terms in just a year's time. Such exports are higher by 54.7 per cent in quantity terms and are mainly headed to the UAE, Singapore, Kenya, South Africa and Iran, according to the RBI report. The most likely contributor to the increase in exports is Reliance Industries, which has been focussing on the markets abroad given the domestic price situation for petrol and diesel.

The company has cut supplies to the domestic market almost fully since April 2006 following under-realisations caused by the Government's pricing policy for petrol and diesel.

Reliance's exports of petroleum products more than doubled to $7.11 billion in the first half of this fiscal and was equal to the exports made in the whole of 2005-06. Incidentally, the country's petroleum product exports of $11.3 billion in the April-October 2006 period is equal to that in the whole of 2005-06.

Interestingly, petroleum products rank higher than gems & jewellery in the export basket and are now second after engineering goods in value terms.

More Stories on : Petroleum | Exports & Imports | Reliance Industries Ltd

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