India’s monsoon is expected to dump above-average rainfall on the South Asian nation after two years of drought, cutting its use of diesel for irrigation pumps and generators over the third quarter and potentially rejuvenating exports of the oil product. India is a net exporter of diesel – which accounts for about 40 percent of its oil demand – but a jump in imports by state refiners since April helped erode an Asian surplus of the fuel, lifting its regional profit margins to the highest for the year so far at the end of May. The state refiners ramped up diesel imports in the second quarter after supplies from private oil processors Reliance Industries and Essar Oil became too expensive in the absence of discounts on taxes and shipping. Now, as the rains […]