India exported refined petroleum products worth $37.3 billion in FY22, highest to UK and the second largest importer from India was UAE, almost 10% of petroleum products exported by India was purchased by UAE whereas Netherlands remained 3rd largest importer of Indian refined petroleum products.
India became 5th largest exporter of refined petroleum products whereas US and China are the largest and second largest exporters of the commodity. China released Very Low Sulphur Marine Fuel (VLSFO) this year to 16.75 million tonnes, nearly 40% more than 2021.