Savita India’s largest Aug base oils importer

Savita Oil Technologies was India’s largest base oils importer in August for the eighth time in nine months, with Apar Industries the second largest.

The blender boosted its share of India’s base oils imports to almost 18pc of the total in August, up from around 11pc the previous month, provisional customs data showed.

The share was higher than its average of just above 13pc in the first eight months of the year and up from less than 11pc in 2021.

Savita’s share of shipments rose even as India’s total base oils imports fell in August to a more-than-two-year low of less than 270,000t.

The drop in imports reflected a seasonal slowdown in demand. Falling prices also incentivized some buyers to hold back until prices had bottomed out.

The fall in shipments mostly reflected an ongoing slide in imports of very-light grade base oils. Imports of Group II and Group III supplies held steadier.

Apar Industries, one of the world’s largest producers of transformer oils, was India’s second-largest base oils importer in August.

Its share of close to 12pc of total imports was the highest this year and up from average levels of little more than 7pc of total imports in the first eight months of the year.

Raj Petro Specialities was India’s third-largest base oils importer in August with a share of more than 11pc of the total. The share was up from an average of less than 9.5pc in the first eight months of the year.

India’s top five base oils importers accounted for close to 58pc of the country’s imports in August. The share was up from little more than 40pc in July and from around 45pc in the first eight months of the year.