Indian Fuel Export Revenues Jump 50% to 2.59 Trillion Rupees Despite Lower Shipments
Key Facts
India’s revenues from petroleum product exports rose about 50% year on year to 2.59 trillion rupees in April-September 2026, despite a 16% decline in shipment volumes, according to data cited by Reuters via The Economic Times. Dollar-denominated revenues increased about 40% over the same period. The value growth coincided with higher regional benchmark prices for diesel and gasoline, as well as a weaker rupee against the dollar. The figures show a widening gap between export value and volumes in the first half of the fiscal year. Diesel was the biggest revenue driver among the two products for which the data disaggregate performance.
The rupee averaged 95.17 against the dollar in April-September, compared with 86.44 a year earlier, according to The Economic Times data. The regional benchmark price for diesel rose 83% in the six months through September, while its gasoline counterpart climbed 54%. This coincided with dollar revenues rising about 40%, showing that the nearly 50% increase in rupee revenues also came amid exchange-rate changes. The comparison between the two currencies reflects the effect of converting export proceeds into rupees, alongside higher benchmark prices. Currency and price movements came as total shipment volumes declined.
Diesel export revenues rose 58% in rupees to about 1.2 trillion rupees, despite a 19% drop in volume in April-September. Diesel revenues in dollars increased 48%, while regional benchmark prices rose to $151 a barrel, according to The Economic Times data. The figures show diesel revenue growth outpaced the increase in total export revenues, even as export volumes continued to fall. Diesel accounts for 42% of India’s petroleum product export volume. Together with gasoline, it also accounts for about 70% of rupee-denominated revenues.
For gasoline exports, revenues rose 21% in rupees to 58,000 crore rupees and increased 13% in dollars, despite a 24% decline in volume. The regional benchmark price for gasoline climbed to $120 a barrel during the period, according to The Economic Times data. Gasoline accounts for 23% of India’s petroleum product export volume. Its volume decline was steeper than the drop in diesel shipments, while revenues grew in both currencies. The figures for the two products underscore differing performance across export components, as revenue values continued to rise alongside shrinking shipments.
An industry official attributed the export decline to a narrowing domestic surplus as demand grew and production stagnated. Diesel consumption rose 5% and gasoline consumption 7% in the six months through September, while their production fell 0.3% and 0.8%, respectively, according to data cited by The Economic Times. The divergence means domestic demand increased at a time when production of the two fuels did not. In fiscal year 2025-26, domestic consumption of petroleum products was 243.2 million tonnes, compared with exports of 61.5 million tonnes, according to India’s oil ministry. Installed refining capacity was 258.1 million tonnes a year across 22 operational refineries.
India mainly exports diesel, gasoline, aviation fuel, naphtha and fuel oil, while Reliance Industries accounts for about 70% of fuel exports, according to the report published by The Economic Times. In August 2026, petroleum product exports fell 40% year on year to 2.7 million metric tonnes, according to oil ministry data cited by S&P Global Commodity Insights. That figure covers August, while the main revenue and volume data cover April to September. Oil Minister Hardeep Singh Puri said on September 24 that India would continue exporting petroleum products and meet its external commitments. S&P Global quoted him as saying: "India will meet its external commitments on petroleum products, including diesel."
Data from the Ministry of Commerce and Industry showed the value of petroleum product exports reached $6.22 billion in September 2026, up 31.90% from $4.71 billion in September 2025. Looking ahead, India’s statistics ministry calendar schedules the release of the industrial production index for October 28, 2026. Trading Economics’ calendar forecasts year-on-year growth of 7.4% in industrial production and 8.6% in manufacturing output in September. These rates remain forecasts for the two reports, while October 28 is the scheduled release date according to the ministry calendar. The data will provide a new reading on industrial activity in India following the first-half fuel export figures.