India has perhaps for the first time imported petrol and diesel from China as the world's third largest oil consumer looks at diversifying its sources of fuel.
India for the first time trusted the Chinese for supplying petrol and diesel as the world's third largest oil consumer looks at diversifying its procurement sources and relying on less dependence on the OPEC nations.
Statistics data showed that India imported 18,000 tonnes of petrol and 39,000 tonnes of diesel in the first nine months of the current fiscal, oil Minister Dharmendra Pradhan said. Previously, Singapore and UAE have been its biggest sources of petrol and diesel supply.
Oil Minister said that India has not imported any oil product in the last four year from the Chinese. During April-December 2016, India produced 27.1 million tonnes of petrol against the consumption of 17.96 million tonnes. In diesel's case, the production was at 76.55 million tonnes against 57.24 million tonnes. India got a total import of 8,20,000 tonnes of diesel and 4,76,000 tonnes of petrol in April-December.
In the current fiscal, first nine months the UAE merited the list making Singapore in the second to become India's biggest supplier of petrol at 2,43,000 tonnes. Singapore supplied 1,69,000 tonnes of petrol. UAE tops in supplying diesel at 3,80,000 tonnes. In 2015-16, Singapore supplied 6,41,000 tonnes of petrol and the UAE sold 1,83,000 tonnes of petrol and 1,22,000 tonnes of diesel.
India's capacity to refine crude oil with all the refining output stand's at 230.1 million tonnes, while total demand in 2015-16 was 184.7 million tonnes. In April-January 2016-17, the fuel demand stands at 161.4 million tonnes as refineries producing 202 millions tonnes of fuel.
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