PLATTS, a leading provider of information on the energy and metal sectors said that India would emerge as the biggest net exporter of refining oil products among Asian countries, to the US, Europe and Africa, in the coming years.

Despite the lacklustre performance of petroleum refining industry in the June quarter, the stocks of pure-play refining companies have started rising again.

The oil spill has not yet grown to become an environmental hazard, but energy utilities in the coastal region are on tenterhooks, as restricted sea water could affect production at their facilities.

The June quarter results of three standalone petroleum refiners reflect the challenges faced by the industry globally. The scenario remains dull and is not likely to improve anytime soon, since incremental demand takes time to absorb the large surplus capacity.

In May, the domestic refiners processed 7.7 per cent more crude oil at 13.753 million tonnes (or 3.252 million barrels a day) year-on-year, as most operated at higher capacity to meet the growing demand.

Public sector oil refiners are “delighted” with the Centre's move to hike fuel prices especially when it means that combined losses at the retail end are down by over Rs 20,000 crore.