India’s Top Private Refiners Boost Domestic Sales as Export Margins Drop

Slowing fuel demand in China and weaker growth elsewhere have prompted the biggest private refiners in India to raise their fuel sales at home as margins abroad are falling. Reliance Industries of billionaire Mukesh Ambani, as well as Nayara Energy, whose largest shareholder is Russia’s oil giant Rosneft, are increasing their fuel sales in India, Reuters reports. India’s fuel demand growth remains solid and will rise at a steady clip in the coming years. India’s growing demand contrasts with trends in China in recent months. Chinese…