India's crude oil import bill rises 12% on year to $71.3 bln in Apr-Sep
This story was originally published at 14:37 IST on 6 November 2024
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NEW DELHI – India's crude oil import bill rose 12% on year to $71.3 billion in the Apr-Sep period, the petroleum and natural gas ministry said in its monthly report. In terms of volume, the country's crude oil imports were 120.5 million tonnes, up from 115.9 million tonnes in the year-ago period, it said.
In September, though the volume of crude oil imports rose 6.3% to 18.6 million tonnes, the import bill declined to $10.6 billion from $10.9 billion in the corresponding period last year. The price of Indian crude oil basket varied between $71.00 and $77.16 per barrel in September. During the month, the average price of crude oil fell 6% to $73.53 per barrel from $78.27 per barrel in August. India is the third-largest crude oil importer in the world, after the US and China.
India's import dependency to meet domestic crude oil demand during Apr-Sep rose to 88.2%, from 87.6% in the corresponding period of last year, the data showed. Domestic crude oil production in Apr-Sep fell 2% on year to 14.4 million tonnes, while consumption of petroleum products rose 3% on year to 117.7 million tonnes, the data showed. The output of petroleum products rose nearly 2.4% on year to 139.9 million tonnes during the same period.
Imports of gross petroleum products, including crude oil and petroleum products, rose to 146.3 million tonnes in Apr-Sep, against 139.2 million tonnes a year ago. The value of gross imports rose nearly 12% to $83.4 billion, the data showed.
India's petroleum product exports fell slightly to 31.0 million tonnes during Apr-Sep from 30.7 million tonnes, while the value of exports fell to $22.0 billion against $23.6 billion a year ago. End
US$1 = INR 84.24
Reported by Afra Abubacker
Edited by Ashish Shirke
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