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Crude oil import bill of India touches $ 119.2 billion

New Delhi: Data released by the Petroleum Planning & Analysis Cell (PPAC) in the Union Ministry of Petroleum revealed that the crude oil import bill of the country got doubled in the last fiscal year. India has spent $ 119.2 billion in 2021-22 (April 2021 to March 2022). It was at $ 62.2 billion in the 2020-2021 financial year.

India imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year. In 2019-20 fiscal year, India imported 227 million tonnes. Oil import bill  in 2019-20 was $ 101.4 billion. The total consumption in in 2021-22 was at  202.7 million tonnes. It was at  194.3 million tonnes in 2020-2021 and  214.1 million tonnes in 2019-20.

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The rising crude oil price is main reason for the surge in crude oil import bill. India  is the world’s third-biggest oil consuming and importing nation in the world.

According to PPAC, India’s oil import dependence was 85% in 2019-20, which declined marginally to 84.4% in the following year before climbing to 85.5% in 2021-22.


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