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 exports ...
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