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Origin Wise Import of Base Oil into India

The crude which was trading around $50/bbl at the beginning of year 2017 climbed to $68/ bbl in the frst week of January 2018, resulting in a rally of over 20 percent in the crude oil prices in the last one year. Higher oil prices do pose a concern for fuel importing countries like India which would have an adverse impact on the economy as well as companies which used crude as part of the raw material in their product. The rise in global crude prices is backed by output cut by OPEC & Russia, freezing weather in the US which has fuelled demand for heating oil. Strong economic data from major economies and falling crude oil inventories coupled with Middle East tensions will keep the commodity on trader’s radar.

Port Wise Import of Base Oil into India

Import of the country has fall down by 6% during Jan to October 2017, as compared to the same period last year i.e. Jan to October 2016. Dhiren Shah (Editor – In – Chief of Petrosil Group) Petrosil Base Oil Report offers solutions to the entire base oil value chain, from refners, suppliers, buyers, traders, agents, consultants, lubricant companies, professionals and logistic providers as well as any other entity of the base oil value chain.

Month wise import Base Oil

Base Oil Group I & Group II CFR India prices
MonthGroup I–SN 150 Iran OriginGroup II -J-500 Singapore OriginN- 70 South Korea OriginBright Stock USA Origin
October 2017 USD 670–785 735–750 680–690 1090–1110 PMT
November 2017 USD 690–705 755–770 700–710 1110–1130 PMT
December 2017 USD 690–705 755–770 700–710 1110–1130 PMT
Since October 2017, prices have gone up in December 2017 by USD 20 PMT (3%) USD 20 PMT (3%) USD 20 PMT (3%) USD 20 PMT (2%)

About the Author

Dhiren Shah

Dhiren Shah is a Chemical Engineer and Editor-in-Chief of Petrosil Group, who started his career with a reputed transformer oil manufacturing company in India as Sales Engineer and enhanced his knowledge by undergoing a business management course at the Indian Merchants Chamber. He later ventured and specialized in imports and logistics of petroleum products for 10 years and in 2002 became part of the Petrosil Group. He is instrumental in developing the various Petrosil brands. He loves to read and travel and is also an avid internet surfer. Contact Dhiren at dhiren@petrosil.com

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