India set to see 25% rise in petroleum product exports
India's petroleum product exports are projected to rise by 25% as the Indian Oil Corporation (IOCL) expands its refining capacity by late 2026. This growth is supported by limited global refining capacity and ongoing supply disruptions in Russia and the Middle East.
Why it matters
Increased refining capacity strengthens India's position as a global energy hub and improves the country's trade balance in the petroleum sector.
India's petroleum product exports could increase by around 25% from the FY25 level of $44.4 billion. India is one of the world's leading exporters of refined petroleum products. The increase is expected to come over the next few years as new refining capacity becomes operational by December 2026 through Indian Oil Corporation's (IOCL) largest expansion programme to date.Although India imports around 90% of its crude oil requirement, it has become one of the world's largest exporters of refined petroleum products by using its large and sophisticated refineries to process imported crude for both the domestic market and international buyers.
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