Information from the Oil Ministry confirmed that India paid $132.4 billion for oil imports in FY24. File
| Picture Credit score: Reuters
India’s crude oil import dropped 16% within the fiscal 12 months ended March 31 because of decrease worldwide charges, however the dependency on abroad suppliers rose to a brand new excessive, official knowledge confirmed.
India imported 232.5 million tonnes of crude oil, which is refined into fuels like petrol and diesel, within the FY 2023-24 (April 2023 to March 2024), virtually the identical as within the earlier monetary 12 months. Nevertheless, it paid $132.4 billion for the imports in FY24 as in opposition to $157.5 billion import invoice in 2022-23, the Oil Ministry’s Petroleum Planning and Evaluation Cell (PPAC) knowledge confirmed.
Import dependence soared to 87.7% in 2023-24, up from 87.4%, based on PPAC. Home crude oil manufacturing was virtually unchanged at 29.4 million tonnes in 2023-24.
In addition to crude oil, India spent $23.4 billion on import of 48.1 million tonnes of petroleum merchandise like LPG. It additionally exported 62.2 million tonnes of merchandise for $47.4 billion.
Aside from oil, India additionally imports gasoline in its liquid type, known as LNG. After the worth shock of 2022-23, import of 30.91 billion cubic meters of gasoline value $13.3 billion within the fiscal 12 months ended March 31, 2024. This in contrast with $17.1 billion spent on the import of 26.3 bcm of gasoline in 2022-23 when power costs shot as much as file ranges within the aftermath of Russia’s invasion of Ukraine.
Internet oil and gasoline import invoice (crude oil plus petroleum product plus LNG import invoice minus exports) stood at USD 121.6 billion in 2023-24, down from USD 144.2 billion.
India’s gasoline consumption rose 4.6%
Petroleum imports as share of India’s gross imports (in worth phrases) stood at 25.1%, down from 28.2% in 2022-23. Equally, petroleum exports as a share of the nation’s gross exports got here at 12% in 2023-24 as in comparison with 14% within the earlier 12 months.
India’s gasoline consumption rose 4.6% to a file 233.3 million tonnes within the 12 months ended March 31, 2023. This in contrast with 223 million tonnes consumption in 2022-23 and 201.7 million tonnes in 2021-22. Whereas the nation is brief in crude oil manufacturing, it has a surplus refining capability that may assist export petroleum merchandise like diesel.
In opposition to the consumption of 233.3 million tonnes, petroleum product manufacturing was 276.1 million tonnes in 2023-24, PPAC knowledge confirmed.
