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India’s crude oil import bill decline 16% in FY24

New Delhi: India’s crude oil import dropped 16 per cent in the fiscal year ended March 31. Data released by the Petroleum Planning and Analysis Cell (PPAC) revealed this.

As per data, India imported 232.5 million tonnes of crude oil in the 2023-24 fiscal (April 2023 to March 2024). This is almost same as in the previous financial year. But, India paid $132.4 billion for the imports in FY24. India paid $157.5 billion for the imports in the 2022-23 fiscal.

Import dependence of crude oil soared to 87.7 per cent in 2023-24 , up from 87.4 per cent. Domestic crude oil production was almost unchanged at 29.4 million tonnes in 2023-24.

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Besides crude oil, India spent $23.4 billion on import of 48.1 million tonnes of petroleum products like LPG. It also exported 62.2 million tonnes of products for $47.4 billion. Other than oil, India also imports gas in its liquid form, called LNG.

India imported 30.91 billion cubic meters of gas in the fiscal year ended March 31, 2024. India paid $13.3 billion for this.  In 2022-23 fiscal year, India imported 26.3 bcm of gas for $17.1 billion.

Net oil and gas import bill (crude oil plus petroleum product plus LNG import bill minus exports) stood at $121.6 billion in 2023-24, down from $144.2 billion. Petroleum imports as percentage of India’s gross imports (in value terms) stood at 25.1 per cent, down from 28.2 per cent in 2022-23.

Similarly, petroleum exports as a percentage of the country’s gross exports came at 12 per cent in 2023-24 as compared to 14 per cent in the previous year. India’s fuel consumption rose 4.6 per cent to a record 233.3 million tonnes in the year ended March 31, 2023. India’s fuel consumption was 223 million tonnes  in 2022-23 and 201.7 million tonnes in 2021-22.

Against the consumption of 233.3 million tonnes, petroleum product production was 276.1 million tonnes in 2023-24, PPAC data showed.



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