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Crude oil imports by India rise in March

New Delhi: Data released by the Petroleum Planning and Analysis Cell of the union petroleum Ministry revealed that the crude oil imports by the country surged in March this year. The imports surged by  4.2% to 19.03 million tonnes. Crude imports for the month were also 8.2% higher from February this year.

The ministry said that this was due to rise in the consumption. Fuel demand in the country had scaled a three-year peak in March, with petrol sales hitting an all-time high.

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Imports of oil products rose 9% month-on-month, but were down 9.5% from 2021 at 3.62 million tonnes. Exports of oil products climbed 10.9% from a year earlier. Of the total 6.74 million tonnes exported in March, diesel accounted for 3.37 million tonnes.

India is the  world’s third-largest oil importer and also is a major exporter of refined fuels as it holds surplus refining capacity .

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