India’s Crude Oil Import Bill Declines: India purchased 232.5 million tons of crude oil; by 2023–24, its reliance on imports of crude oil rose to 87.7%.
Due to reduced worldwide rates, India’s imports of crude oil decreased by 16% in the fiscal year that ended on March 31; nonetheless, official statistics revealed that the country’s reliance on foreign suppliers reached a record high.
Almost the same as the previous fiscal year, India imported 232.5 million tonnes of crude oil in FY 2023–2024 (April 2023 to March 2024), which is processed into fuels like gasoline and diesel. The Petroleum Planning and Analysis Cell (PPAC) statistics from the Oil Ministry indicated that, in contrast to the $157.5 billion import bill in 2022–2023, it paid $132.4 billion for imports in FY24.
According to PPAC, import dependency increased dramatically from 87.4% in 2023–2024 to 87.7%. In 2023–2024, domestic crude oil output remained relatively stable at 29.4 million tons.
In addition to crude oil, India imported 48.1 million tonnes of petroleum products, such as LPG, for $23.4 billion. Additionally, it exported goods worth $47.4 billion, or 62.2 million tons.
In addition to oil, LNG, or liquefied natural gas, is another import into India. In the fiscal year that concluded on March 31, 2024, the import of 30.91 billion cubic meters of gas cost $13.3 billion following the price shock of 2022–2023. In contrast, $17.1 billion was used to buy 26.3 billion cubic meters of gas in 2022–2023, a time when record high energy costs followed Russia’s invasion of Ukraine.
In 2023–24, the net oil and gas import bill—which is comprised of crude oil, petroleum products, and LNG import bill—was USD 121.6 billion, a decrease from USD 144.2 billion.
India’s Crude Oil on Gasoline: Used 4.6% More Gasoline Than Before.
Petroleum imports decreased from 28.2% in 2022–2023 to 25.1% as a proportion of India’s gross imports (in value terms). Similarly, in 2023–24, petroleum exports made for 12% of the nation’s overall exports, down from 14% the year before.
India consumed a record 233.3 million tons of gasoline in the year that ended on March 31, 2023, a 4.6% increase. In contrast, the consumption in 2022–2023 was 223 million tonnes, whereas in 2021–2022 it was 201.7 million tonnes. Although the nation produces little crude oil, it has an excess of refining capacity, which can let it export petroleum products like diesel.
According to PPAC statistics, the output of petroleum products in 2023–24 was 276.1 million tonnes, compared to the consumption of 233.3 million tonnes.
People also search for:
What is India’s reliance on imports of crude oil?
According to the most recent data available from the petroleum ministry, India’s dependency on imports of crude oil increased to 87.5% in the first nine months of FY24 from 87% in the equivalent period of the previous fiscal year.
In what ways may India lessen its reliance on oil imports?
Biofuels, indigenous exploration, and electric transportation are the keys to a future free from the swings of oil prices. The growing dependence of oil marketing corporations on spot bids for the procurement of crude oil has raised concerns from the parliamentary standing committee on petroleum.
What issue do you have if crude oil must be imported by India?
Growth in trade deficit: India’s increased imports of crude oil may result in a larger trade imbalance, which may have an effect on the nation’s economy as a whole. 3. Inflation: An increase in the price of crude oil may result in higher transportation expenses, which may then push inflationary pressure on the economy.
What percentage of crude oil is imported by India?
25.1%
Petroleum imports decreased from 28.2 percent in 2022–2023 to 25.1% of India’s gross imports (in value terms). According to this, the country’s petroleum exports as a proportion of its overall exports decreased from 14% to 12% in 2023–24.
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