Crude Oil Prices in Focus After PPAC Releases Data on Domestic Production and Imports

India’s petroleum product production stood at 23.3 MMT in November 2025, marginally 0.2% lower than the previous year. According to data released by the Petroleum Planning and Analysis Cell (PPAC), India’s domestic crude oi production fell 2.6% YoY to 2.3 MMT in November 2025. The fall in domestic output comes at a time when crude oil prices remain sensitive to global supply disruptions and demand recovery.

Refinery Throughput Rises Despite Lower Indigenous Output

Even as domestic crude production declined, total crude oil processed by Indian refineries rose to 22.3 MMT in November 2025, registering a 2.3 %increase over November 2024. While private refiners processed 7.3 MMT, PSU and joint venture refiners processed 15.1 MMT. 

Of the total crude processed:

• Indigenous crude oil: 2.1 MMT
• Imported crude oil: 20.2 MMT

This sharp dependence on imported crude highlights why global crude oil prices remain a critical variable for India’s inflation, trade balance, and fiscal stability.

During April–November FY26, total crude oil processed grew 2.1 %year-on-year, reflecting steady fuel demand.

Diesel and Petrol Lead POL Production

Product-wise data shows high-speed diesel (HSD) continued to dominate India’s fuel mix, accounting for 41.5% of total POL production in November 2025. This was followed by:

• Motor spirit (petrol): 18.1%
• Naphtha: 6.3%
• Aviation turbine fuel (ATF): 5.8%
• Petcoke: 5.4%
• LPG: 4.4%

The dominance of transport fuels keeps crude oil prices closely linked to economic activity and mobility trends.

What is the State of Export-Import of Crude Oil in India? 

PPAC data shows crude oil imports jumped 11.1% in November 2025, while imports during April–November FY26 rose 2.4% year-on-year.

In contrast, petroleum product imports declined by 8.6% in November and by 0.6% during April–November FY26, mainly due to lower imports of fuel oil, petrol, and petcoke.

On the other hand, exports of petroleum products fell 1.7% in November 2025, but rose 0.4%during April–November FY26, driven by higher exports of motor spirit, diesel, and naphtha.

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Conclusion

The latest PPAC data highlights a familiar trend: falling domestic crude production and rising reliance on imported oil, even as refinery activity and fuel demand remain resilient. With over 90 %of crude oil processed coming from imports, India remains highly exposed to global crude oil price volatility.

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