INDO PETRO EXIM GROWTH CARD

PERIOD: April-February 07-08 (vs previous year)

Ttl Crude Imports : 111.09MMT (up 9.76%) USD61.16BLN (up 38.6%)

Ttl Product Imports : 20.19MMT (up 28.0%) USD13.40BLN (up 57%)

Ttl Product Exports : 36.16MMT (up 20.4%) USD23.86BLN (up 41%)

Reliance doubling up muscles at Jamnagar refinery, will give liquid exports a solid push this year.

Above data reflects, crude prices have moved twice as fast as products, thinning the refining margins.

Trillion dollar question is, whether the crude prices would go bust or they are into foreplay at the moment. Later seems to be more likely as most of the refiners are now hedging big time upstream thereby lessening the will to tame the wild.