Current Industry Scenario

India has been establishing itself as a major player in the refining industry and there are numerous refinery capacity expansion plans that the government has been pushing for in the last decade. Following the return of demand, post-COVID and war in Ukraine, India's crude oil imports prices doubled as energy prices soared globally. However Indian refineries have taken the advantage of the current geopolitical situation with higher processing of discounted Russian crudes and increased their exports while curtailing supplies to lower priced domestic market. This had led to supply crisis leading many PSUs import fuels to meet the domestic demand, at high international prices.