India’s import dependence of crude oil soared to 87.7 per cent in 2023-24, up from 87.4 per cent, in line with PPAC.
India imports 232.5 million tonnes of crude oil in 2023-24 fiscal, virtually similar as final 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
India’s crude oil import dropped 16 per cent within the fiscal 12 months ended March 31 as decrease worldwide charges however the dependency on abroad suppliers rose to a brand new excessive, official information confirmed.
India imported 232.5 million tonnes of crude oil, which is refined into fuels like petrol and diesel, within the 2023-24 fiscal (April 2023 to March 2024), virtually the identical as within the earlier monetary 12 months. However it paid USD 132.4 billion for the imports in FY24 as in opposition to USD 157.5 billion import invoice in 2022-23, oil ministry’s Petroleum Planning and Evaluation Cell (PPAC) information confirmed.
The world’s third largest oil importing and consuming nation has been in a position so as to add to its home manufacturing drop, elevating its import dependence.
Import dependence of crude oil soared to 87.7 per cent in 2023-24, up from 87.4 per cent, in line with PPAC.
Home crude oil manufacturing was virtually unchanged at 29.4 million tonnes in 2023-24.
Apart from crude oil, India spent USD 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 USD 47.4 billion.
Aside from oil, India additionally imports gasoline in its liquid kind, referred to as LNG.
After the value shock of 2022-23, import of 30.91 billion cubic meters of gasoline price USD 13.3 billion within the fiscal 12 months ended March 31, 2024.
This in contrast with USD 17.1 billion spent on import of 26.3 bcm of gasoline in 2022-23 when power costs shot as much as document ranges within the aftermath of Russia’s invasion of Ukraine.
Web 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.
Petroleum imports as share of India’s gross imports (in worth phrases) stood at 25.1 per cent, down from 28.2 per cent in 2022-23.
Equally, petroleum exports as a share of the nation’s gross exports got here at 12 per cent in 2023-24 as in comparison with 14 per cent within the earlier 12 months.
India’s gas consumption rose 4.6 per cent to a document 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 surplus refining capability which allows export of petroleum merchandise like diesel.
Towards the consumption of 233.3 million tonnes, petroleum product manufacturing was 276.1 million tonnes in 2023-24, PPAC information confirmed.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
