Petroleum product exports to the US may be impacted

As the US has announced about a 27% tariff on imports from India, petroleum products exports to the country are set to witness a major impact going ahead, said sector experts.

- Rituraj Baruah

A bulk of the petroleum exports to the US from India comprises petrol or gasoline. According to Deepak Mahurkar, leader, oil & gas at PwC India, the tariffs may lead to an increase in trade deficit for India. "Imports of petroleum products into the US from India of about $6 billion in 23-24 (FY24) will significantly get affected. The trade deficit on just the account of petroleum crude at about $5 billion will further widen."