The country’s crude oil import bill has declined by 16 per cent in the fiscal year ended March 31.
Crude oil
The country’s crude oil import bill has declined by 16 per cent in the fiscal year ended March 31. As the price of crude oil has decreased at the international level, the amount to be paid for it has decreased.
But, dependence on foreign suppliers has reached a new high. This is evident from the official data released by the Oil Ministry today. India imported 232.5 million tonnes of crude oil in the financial year 2023-24.
These imports are roughly the same as the imports of the previous financial year. But, compared to the import bill of $157.5 billion in 2022-23, the import bill has been billed at $132.4 billion in FY2023-24.
Lower crude oil prices are the main reason behind the decline in the import bill. However, the country’s crude oil imports have increased. India is the third largest oil importing country in the world. Declining domestic production has increased dependence on imports.
India’s crude oil import dropped 16% in the fiscal year ended March 31 due to lower international rates, but the dependency on overseas suppliers rose to a new high, official data showed.https://t.co/ZrrEkjux7q
— The Hindu (@the_hindu) April 17, 2024
Crude oil import dependency has increased from 87.4 percent to 87.7 percent in 2023-24. Domestic crude oil production was 29.4 million tonnes during the year. Apart from crude oil, 48.1 million tonnes of petroleum products like LPG were imported, costing $23.4 billion.
Also, 62.2 million tons of products worth 47.4 billion dollars were exported, the oil ministry said. Apart from oil, liquefied gas (LNG) is also imported. In the fiscal year ended 31 March 2024, the country imported 30.91 billion cubic meters of gas at a cost of $13.3 billion.
Petroleum products accounted for 25.1 percent of the country’s total import value, down from 28.2 percent in 2022-23. Similarly, the percentage of petroleum exports in the country’s total exports has come down to 12 percent in 2023-24 as against 14 percent in the previous year.
Fuel consumption in the country increased by 4.6 percent to a record 233.3 million tonnes in the fiscal year ended March 31, 2023. It was 223 million tonnes in 2022-23 and 201.17 million tonnes in 2021-22.
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