India's crude oil imports rose 17% in December from a
month earlier as Reliance Industries Ltd. (500325.BY) restarted the crude
distillation and coker units at the company's refinery complex in the western
state of Gujarat in mid-November.
The units were under planned maintenance shutdown from the last week of
October, reducing the facility's total refinery output by 19% to 1.0 million
barrels a day. The units were restarted on Nov. 17.
The company has two refineries, which produce 660,000 barrels and 580,000
barrels a day, at its
Jamnagar
complex in
Gujarat
, making it one of the largest refining facilities in the world.
The South Asian nation imported 11 million tons, or 2.6 million barrels a day,
of crude oil in December, compared with 9.43 million tons in November, the
website of the Petroleum Planning & Analysis Cell showed.
Crude oil imports by
China
,
the world's second-largest oil consumer after the U.S, eased to 20.86 million
tons, or 4.93 million barrels a day, in December from 5.1 million barrels a day
in November.
Imports in
India
,
which sources about four-fifth of its crude oil from overseas, is expected to
rise as it expands refining capacity by 30% to 4.82 million barrels a day by
March 2012.
Oil Product Consumption
India
's
December oil product consumption rose 11% to 12.75 million tons from 11.5
million tons in November as the expanding economy drove demand.
The economy is expected to grow 8.75% in the current financial year through
March from 7.4% in the year earlier period.
Gasoline sales rose 1% to 1.20 million tons from 1.19 million tons in November,
while diesel sales surged 13% to 5.52 million tons from 4.90 million tons.
The federal government last raised diesel and cooking fuel prices in June 2010,
when it also lifted state control over gasoline prices.
India
's oil
companies have raised gasoline prices eight times since then.
Demand for diesel-powered cars has been rising in
India
,
partly because of the fuel's lower price and higher efficiency. This has
prompted several auto makers, including Maruti Suzuki India Ltd., Volkswagen
AG, Nissan Motor Co., Ford Motor Co. and Hyundai Motor Co., to launch
diesel-powered variants of their small cars.
Oil product imports in December rose 12% to 1.53 million tons from 1.36 million
tons in November, while their exports increased 2% to 2 million tons from 1.97
million tons in the previous month.