LubriEdge Hydraulic Oil (Hydraulic Oil 68) Barrel in Bhiwadi

Petroleum product prices in India remain steady amid geopolitical tensions in the Middle East. While supply is currently uninterrupted, the threat of a Strait of Hormuz blockade is prompting India to prepare contingency plans, including export curbs. Strategic reserves and sourcing diversification may shield domestic markets from immediate disruption, but global pricing remains volatile.

Petroleum product prices in India remain steady, but rising geopolitical tensions between Israel and Iran have pushed crude oil prices to a two-month high. While India’s strategic reserves and advance procurement offer short-term protection, elevated freight costs and risks to the Strait of Hormuz may impact pricing and supply chains.

India’s bitumen and base oil prices showed mixed trends, with bulk VG40 and emulsion variants varying by region. Meanwhile, state refiners plan $600M in domestic MR tanker orders, 15–20% costlier than imports, reflecting a push for energy logistics self-reliance. Strategic support and efficient execution remain key challenges.

Bitumen prices in India range from ₹32,290/MT to ₹48,382/MT, while base oil and lubricant rates show regional variation. Crude oil prices fell sharply in May 2025, but refining margins increased, boosting profitability for Indian refiners. Demand remains strong across petroleum and gas segments, with CGD leading recovery.Market analysts expect continued growth in FY26–27, with key players like RIL, GAIL, and GOLI well-positioned to benefit.

Crude oil prices are relatively stable, with WTI at $62.69 and Brent at $64.76. India’s crude imports are set to rise in H2 2025 as refineries restart and expand. Russia remains a top supplier, while Brent-Dubai EFS makes Middle Eastern crude more attractive. Import diversification is expected to continue.

Crude prices dipped slightly while natural gas edged up. India's crude imports from Russia hit a two-year high, signaling deepening ties. Ongoing OPEC+ adjustments and geopolitical shifts influence supply. Joint India-Russia clean energy projects, including a thorium SMR, hint at future diversification beyond hydrocarbons.

Oil and gas prices across India remain steady, but exports of petroleum products dropped sharply by 35% YoY in April 2025 due to reduced HSD and ATF shipments and planned refinery maintenance. While short-term volumes may remain subdued, upcoming capacity expansions and stable demand are expected to support future recovery.

India’s crude demand is rising, while production and exports dip. Bitumen and base oil prices hold steady. The government’s push for over 100 domestically built crude tankers will boost energy security and shipbuilding. Geopolitical risks and global tensions drive volatility, prompting interest in Iranian crude to diversify supply sources.

Brent Crude averaged $67.79/bbl in April 2025, down from $72.60/bbl in March. India’s crude imports fell 1% YoY, with Russia maintaining its lead and the U.S. surpassing the UAE. Domestic production declined, while petroleum product output dropped 4.2%. LNG imports surged 21.3%, highlighting a growing shift to cleaner fuels.