![]() ![]() "Globally, refining capacity has been cut, and diesel use is less discretionary compared with, say petrol," he added. "It's an opportunity for India to export diesel to Europe," said Prashant Vashisht, vice president and co-head, corporate ratings, at Mumbai-based ICRA. "Indian refineries are diesel-oriented," Surana, a former chairman of HPCL, added. "India is not only self-sufficient in diesel but also produces a surplus because it's the biggest product from our refineries," said M K Surana, CEO of Ratnagiri Refinery and Petrochemicals, which is pursuing India's biggest refinery-cum-chemical plant in Maharashtra. Rising diesel prices also present an opportunity for India's battered state oil refiners to salvage some of the losses they are incurring on selling transport fuels at government-administered rate for months. And India might have a solution to their problems-by exporting fuel to meet much of the continent's needs. ![]() The slowdown in natural gas supply means the West needs diesel to heat their homes this winter. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. Global diesel shortage, India's gain Business Standard | NovemState-owned refiners stand to gain from surging European demand for diesel as winter sets in and natural gas supplies from Russia are set to dwindle - S DINAKARĪ looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins.
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