Rates will affect the export of India's petroleum products to the US

Copyright © HT Digital Streams Limit all rights reserved. Industry India has become an important source of refined petroleum products from countries such as the Netherlands and the US as India increased the intake of Russian oil due to deep discounts offered. (Bloomberg) Summary A large part of petroleum exports to the US from India consists of gasoline or gasoline New -Delhi: As the US announced about 27% tariff on imports from India, the export of petroleum products is to the country to give a major impact, the sector experts say. A large part of petroleum exports to the US from India consists of gasoline or gasoline. According to Deepak Mahurkar, leader, oil and gas at PwC India, rates can lead to an increase in the trade deficit for India. “The 27% duty on the import of petroleum products in the US from India of about $ 6 billion in 23-24 (FY24) will be significantly affected. The US is one of the top buyers of Petroleum products from India. After Russia’s invasion of Ukraine and the stop of oil supplies from Russia to the West, India has become an important source of refole petroleum products from lands such as USA as India increased the intake of Russian oil due to deep discounts on offer. Petroleum products grew by 3.7% in volume terms, reaching 59.0 million tonnes (MT) during April – February, compared to 56.9 MT in the same period. It is the private refinement companies – Reliance Industries and Nayara Energies – that export products from India. Mahurkar added: “If India decides to apply reciprocal rates, which seem unlikely, crude, lng and ethane like nutrients will be more expensive. It can force importers to look for alternative sources or increase the prices of the end products to give the burden to customers.” Read also | We want FTA with India, and it will be fair to both: New Zealand envoy India’s rough capacity. The development comes at a time when India looks at the expansion of its rough refining capacity and becomes and refined and petrochemical center. India’s current oil refinement capacity is about 257 million tonnes per year (MTPA), which the government aims to expand to more than 309.5 MTPA by the end of this decade. However, the total energy trade of India would not be affected, as the Trump administration did not announce secondary rates of 25-50% on countries that buy Russian oil as it threatened if Russia did not reach Ukraine. If implemented, India will be severely affected, as Russia has emerged as the top supplier of oil to India to the Russia Carying War. Currently, Russian supplies consist of about 36% of India’s total oil import account. Read also | Collateral damage: Indian refineries feel that the heat of US sanctions against Russian oil reported last month that oil and gas imports as a key factor in the continued bilateral trade conversations between the US and India and to weaken Trump and the US intend to increase or raise the part of the Western Texas -Texas The setting of the tariff rate ‘for the oil input of the oil can occur. Catch all the industry news, bank news and updates on live currency. Download the Mint News app to get daily market updates. More Topics #Oil #Petrol Mint Special