Sri Lanka: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Sri Lanka

In 2022, the Sri Lankan market for processed petroleum oils and distillates increased by 27% to $X, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +112.7% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Production of Processed Petroleum Oils and Distillates in Sri Lanka

In value terms, processed petroleum oils and distillates production dropped to $X in 2022 estimated in export price. In general, production showed a perceptible slump. The pace of growth appeared the most rapid in 2017 with an increase of 27%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Sri Lanka

For the seventh consecutive year, Sri Lanka recorded growth in overseas shipments of processed petroleum oils and distillates, which increased by 37% to X tons in 2022. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 107%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 198%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons), Singapore (X tons) and Bangladesh (X tons) were the main destinations of processed petroleum oils and distillates exports from Sri Lanka, together accounting for 57% of total exports. Hong Kong SAR, Malaysia, South Africa, Egypt, Indonesia and Saudi Arabia lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +379.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Singapore ($X) and Bangladesh ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Sri Lanka worldwide, together comprising 58% of total exports. Hong Kong SAR, Malaysia, South Africa, Saudi Arabia, Egypt and Indonesia lagged somewhat behind, together accounting for a further 22%.

Saudi Arabia, with a CAGR of +157.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, remaining stable against the previous year. Overall, the export price faced a precipitous contraction. The pace of growth appeared the most rapid in 2017 when the average export price increased by 69%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-23.4%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Sri Lanka

In 2022, purchases abroad of processed petroleum oils and distillates increased by 40% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by 73% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Overall, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 139% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of processed petroleum oils and distillates to Sri Lanka, with a 59% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+0.3% per year) and China (+11.8% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Sri Lanka, comprising 61% of total imports. The second position in the ranking was held by Singapore ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-4.5% per year) and China (+6.5% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the import price, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2017 an increase of 45%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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