Import Bill
India's Apr-Oct crude oil import bill rises 7.6% on year to $81.7 bln
This story was originally published at 16:24 IST on 20 November 2024
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NEW DELHI – India's crude oil import bill in the first seven months of 2024-25 (Apr-Mar) rose 7.6% on year to $81.7 billion, the Ministry of Petroleum and Natural Gas said in a report. In volume terms, the country's crude oil imports were 140.2 million tonnes in Apr-Oct, up from 135.4 million tonnes in the corresponding period of last year, the report said.
Though India imported more crude oil in volume terms in October, the import bill declined nearly 11% on year to $10.6 billion due to a fall in crude oil prices. Crude imports in volume terms rose 4.3% on year to 19.5 million tonnes in October. India is the world's third-largest importer of crude oil, after the US and China.
Domestic crude oil production fell 2.9% on year to 16.7 million tonnes in Apr-Oct, while consumption of petroleum products rose almost 3% from a year ago to 137.6 million tonnes, the data showed. The output of petroleum products in Apr-Oct rose 2.8% to 162.9 million tonnes.
Imports of gross petroleum products, including crude oil and petroleum products, rose to 170.2 million tonnes in Apr-Oct from 163.3 million tonnes in the corresponding period last year. The value of gross imports rose 7.8% to $95.8 billion, the data showed.
India's exports of petroleum products rose marginally on year to 36.8 million tonnes during Apr-Oct. However, the value of exports fell to $25.4 billion from $27.3 billion in the year-ago period. The value of liquefied natural gas imports increased 17% on year to $8.9 billion in Apr-Oct, the data showed. End
Reported by Pallavi Singhal
Edited by Saji George Titus
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