India may turn into a net importer of fuel oil as its state-owned refiners are making multi-billion dollar investments to upgrade their refineries and produce more profitable refined products such as gasoline or diesel.

India has traditionally been a net exporter of fuel oil, the residue oil left after initial crude refining that is typically used in shipping and power generation.

That is about to change. Three state-run energy firms -- Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum -- plan to spend $20 billion on refinery expansions to add units by 2022 that would process fuel oil into gasoline and diesel, boosting their output to meet growing local demand for transport fuels.

"Our fuel oil production will be less because everywhere we are going for res idue upgrades," said B. Ashok, Chairman of the country's biggest refiner Indian Oil Corp (IOC).

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