On a cumulative basis, a 4.7 percent year-over-year decline in domestic crude production was recorded in 2020-2021. Natural gas production fell 7.9 percent in fiscal year 21. LNG imports fell 1.6 percent, “India Ratings said in a statement.
The research firm said in March 2021, domestic consumption of petroleum products fell 1.8% month-over-month to 4.4 million barrels per day after peaking in 4.5 mbpd of fiscal 21 in February 2021.
The month-over-month decline would likely have been higher in April and May due to new restrictions imposed to curb the second wave of covid, but consumption levels remained higher year over year. other due to the low base effect caused by tighter restrictions imposed last year.
The firm expects the still moderate crack spreads in diesel and gasoline to impact the overall refining gross margins of oil marketing companies, despite having a healthy complexity and low costs. operating per barrel.
Diesel and gasoline are the two key products of Indian refiners, accounting for around 65 percent of their product line.