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India Forced to Ship In Gasoline, Diesel as Shortages Arise

  • Flows into nation usually low as it is typically key exporter
  • Country is expected to continue buying from overseas, FGE says
Vehicles wait in line at a gas station in Srinagar, earlier in June. 
Vehicles wait in line at a gas station in Srinagar, earlier in June. Photographer: Waseem Andrabi/Hindustan Times/Getty Images
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Global energy markets that have thrown up plenty of anomalies in 2022 as flows get rerouted and prices jump just saw a fresh quirk: India, typically Asia’s leading gasoline and diesel exporter, has been forced to step up imports of the fuels.

Gasoline imports are set to rise to about 37,000 barrels a day in the first half of July, an eight-month high, according to preliminary data by Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 69,000 barrels a day in the period. Refiners such as Indian Oil Corp. and Bharat Petroleum Corp recently sought to buy diesel for delivery in June and July.