New Delhi: India’s diesel exports surged to their highest level in 13 months in October as refiners capitalised on a global supply crunch, elevated international margins and high refinery utilisation, with the country emerging as an important supplier to markets across Europe, Africa and Asia.
India exported around 705,000 barrels per day (bpd) of diesel in October, the highest monthly volume since September 2025, when shipments touched nearly 750,000 bpd, according to data shared by Sumit Ritolia, manager for oil markets and refineries at Kpler, a trade data intelligence firm.
Exports have risen sharply in recent months, from around 535,000 bpd in August to 590,000 bpd in September and 705,000 bpd in October. The October figure was also around 8 per cent higher than the 653,000 bpd exported in the same month last year.
Ritolia attributed the increase to three factors: refinery operations above 100 per cent of capacity, higher diesel production at large export-oriented refineries and attractive international refining margins.
Some of the public and private sector Indian refineries, including the ONGC’s Mangalore Refinery and Petrochemicals (MRPL) in Karnataka and Reliance Industries’ Jamnagar refinery in Gujarat, have been operating at high utilisation levels, supported by relatively limited maintenance activity this year, barring a few refinery-specific turnarounds and unplanned outages. This has allowed refiners to maximise crude processing and increase the availability of diesel for overseas markets.
Large, complex refineries with dedicated export infrastructure have also been prioritising diesel production to take advantage of stronger international demand. Higher diesel refining margins or cracks have made exports particularly attractive. Access to competitively priced crude, including Russian supplies, has further supported refining economics.
“India is well positioned to benefit from the ongoing global diesel supply crunch,” Ritolia said, pointing to the country’s large refining capacity, diversified crude sourcing and established export infrastructure.
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Reliance accounts for over three-fourths of exports
Kpler data shows that Reliance Industries was the dominant exporter in October, accounting for around 547,000 bpd, or nearly 78 per cent of the total monthly diesel exports by seller.
IndianOil Corporation was the second-largest exporter at approximately 53,000 bpd, followed by Nayara Energy at around 40,000 bpd and MRPL at nearly 38,000 bpd. Hindustan Petroleum Corporation Limited (HPCL) contributed another 26,000 bpd.
The figures underline the importance of India’s large private-sector refiners in supplying the international diesel market, particularly Reliance’s export-oriented refining complex in Jamnagar.
The destination-wise data also shows the geographical spread of Indian diesel shipments. Togo received around 65,000 bpd in October, followed by Turkey at nearly 64,000 bpd, Spain at 55,000 bpd and South Africa at approximately 53,000 bpd.
Other notable destinations included Brazil and Mozambique, which received around 37,000 bpd each, while Argentina, Romania, Belgium and the Netherlands were also among the markets supplied.
Domestic demand could limit exports
India’s diesel exports are expected to ease to 500,000-550,000 bpd in November and December from around 700,000 bpd in October, as seasonal domestic demand picks up. The festive season, higher freight movement and agricultural activity are expected to support consumption, with largely unchanged retail diesel prices also limiting demand destruction despite elevated international oil prices.
Refinery runs are, however, expected to remain high at 5.6-5.7 million barrels per day between November 2026 and March 2027, with no major maintenance planned. But stronger domestic offtake is likely to absorb part of the additional output.
“I see October exports as this year’s high,” Ritolia said. Shipments are expected to recover to an average of 550,000-600,000 bpd in the first quarter of 2027 before higher refinery maintenance in the second and third quarters constrains supplies.
The new capacity additions are unlikely to contribute meaningfully until later in the year.
Higher exports and refining margins will generate additional revenue and partly cushion India’s elevated crude import bill, but are unlikely to fully offset higher import costs. The extent of the benefit will ultimately depend on how much refinery output can be diverted to overseas markets while meeting domestic demand.
(Edited by Sunanda Ranjan)