India's Diesel Exports Jump 20% in March as Iran War Boosts Margins

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Export Surge in Numbers

India exported 12.90 million barrels of diesel between March 1–28, compared to 10.74 million barrels in February, a 20% surge

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Crack Spreads Drive the Rally

Diesel and jet fuel crack spreads reached fresh highs, incentivising refiners to prioritise middle distillates production and maximise export returns

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SE Asia Hits 7-Year High

India's diesel shipments to Southeast Asia climbed to their highest level since October 2018, with about 7.45 million barrels shipped, half destined for Singapore

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Reliance Leads, Petrol Falls

Around 90% of SE Asia-bound diesel volumes were shipped by Reliance Industries. Meanwhile, petrol exports fell 33% as refiners redirected feedstock towards LPG production to meet domestic demand

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Export Taxes & Outlook

India imposed export duties of ₹21.5/litre on diesel and ₹29.5/litre on jet fuel. Analysts expect elevated diesel export flows to continue at least through August 2026

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India's Diesel Exports Jump 20% in March as Iran War Boosts Margins

Export Surge in NumbersIndia exported 12.90 million barrels of diesel between March 1–28, compared to 10.74 million barrels in February, a 20% surge

Crack Spreads Drive the RallyDiesel and jet fuel crack spreads reached fresh highs, incentivising refiners to prioritise middle distillates production and maximise export returns

SE Asia Hits 7-Year HighIndia's diesel shipments to Southeast Asia climbed to their highest level since October 2018, with about 7.45 million barrels shipped, half destined for Singapore

Reliance Leads, Petrol FallsAround 90% of SE Asia-bound diesel volumes were shipped by Reliance Industries. Meanwhile, petrol exports fell 33% as refiners redirected feedstock towards LPG production to meet domestic demand

Export Taxes & OutlookIndia imposed export duties of ₹21.5/litre on diesel and ₹29.5/litre on jet fuel. Analysts expect elevated diesel export flows to continue at least through August 2026