India’s June v light-grade imports stay lower

India’s imports of very-light grade base oils rose to a two-month high in June, lagging the rise in the country’s total imports to their highest in more than a year.

Imports of close to 133,000t in June rose from almost 118,000t the previous month, provisional customs data showed.

The volume was above imports of around 124,000 t/month over the past year but down from more than 165,000 t/month in first-half 2022.

Imports of very light grades accounted for around 43pc of India’s total base oils imports in June, up from a 41pc share the previous month.

The share was down from 47pc in 2022 and 54pc in 2021.

Imports rose on the back of a pick-up in shipments from South Korea, countering a slowdown in supplies from the Mideast Gulf.