The decision follows an investigation led by the Directorate General of Trade Remedies (DGTR), which determined that these imports were being dumped at unfair prices, causing material injury to the domestic industry.
However, the overall fuel inventory expansion was offset by a sharp drawdown in refined product stocks. Most notably, distillate fuel inventories declined by 2.8 million barrels, leaving levels 6% below the five-year average.
Crude remains on track for a quarterly loss, pressured by an escalating global trade war that threatens demand. Meanwhile, OPEC and its allies are set to increase production in April, further weighing on market sentiment.