Base Oil Report

India paid much less for the crude oil imported between April and July 2020 compared to the same period last year, due to the significantly low oil prices and lower import volumes amid decreased fuel demand. Because of the slump in international oil price benchmarks, India’s crude oil import bill was US$12.4 billion in April-July, the first quarter of India’s fiscal year. For this sum, India imported 57.2 million tons of crude oil, compared to imports of 74.9 million tons worth US$36.2 billion for the same period of 2019.

he Indian domestic market Korean origin Group II plus N-60–70/150/500 prices at the current level are marginally up for lighter grades and heavier grades. As per conversation with domestic importers and traders prices for N – 70/ N- 150/ N - 500 grades and at the current level are quoted in the range of Rupees 39.90 – 40.15/41.15– 41.35/45.00 – 45.15 per litre in bulk plus 18% GST as applicable. The above-mentioned prices are offered by a manufacturer who also offers the grades in the domestic market, while another importer trader is offering the grades cheaper by Rs.0.30 – 0.35 per litre on basic prices. Light Liquid Paraffin (IP) is priced at Rs.41.65 – 41.80 per litre in bulk and Heavy Liquid paraffin (IP) is Rs.47.55 – 47.75 per litre in bulk respectively plus GST as applicable. While in the month of July 2020, India imported 380538 MT of Base Oil. India imported the huge quantum in small shipments on different ports like 190850 MT (50%) into Mumbai, 43303 MT (11%) into Hazira, 42400 MT (11%) into Pipavav, 28849 MT (8%) into Kandla, 27537 MT (7%) into Mundra, 21996 MT (6%) into Chennai, 20266 MT (6%) into JNPT, 1990 MT (1%) into Ennore and 3348 MT (1%) into Other Ports.