India’s fuel exports may revive after slumping amid Ukraine, Iran conflicts in Freight News 03/06/2026 India’s fuel exports reached a record monthly low in May because of the combined effects of the wars in Ukraine and West Asia — even as prices of transport fuels surged globally after the conflicts disrupted shipments, according to shipping data. But there may be a rebound after some Western nations facing shortages start reconsidering sanctions on fuels made from Russian crude oil, two senior refining officials said. Overseas fuel sales accounted for 10.2 per cent of India’s gross exports by value this April, compared to 6.2 per cent a year earlier — prior to the attacks on Iran by Israel and the United States this March, reflecting the importance of energy exports to the Indian exchequer now because of a hit to overall product exports. A slump in exports also pinches Reliance Industries, the country’s biggest exporter of petroleum products, which accounted for 88 per cent of India’s fuel exports in May. A senior refining official said that New Delhi’s insistence on diverting domestic oil product output to the local market was hurting overseas sales. Reliance declined to comment on market matters. The decline in fuel exports, which accounted for a tenth of India’s overall gross export earnings, comes even as the rupee depreciated by 7 per cent this year to a record low against the dollar and overall trade was hurt by the war in West Asia. The conflict has eliminated supplies of around 18 million barrels per day (bpd) of oil and oil products from West Asia, accounting for around 17 per cent of global supplies, according to estimates by the UK market information provider Energy Intelligence. Shipments of diesel, jet fuel and petrol, among others, declined by around 9 per cent to 850,000 bpd from 932,000 bpd in April and by 33 per cent from 1.27 million bpd a year earlier, according to industry data provider Kpler as of Sunday. Reliance exported 746,000 bpd during th