Import Bill
India's crude oil import bill up 3.7% on yr at $102.5 bln Apr-Dec, dn 6% Dec
This story was originally published at 14:28 IST on 17 January 2025
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MUMBAI – India's crude oil import bill for the first nine months of the financial year 2024-25 (Apr-Mar) rose 3.7% on year to $102.5 billion, the Ministry of Petroleum and Natural Gas said in a report. In volume terms, the country's crude oil imports were 179.3 million tonnes in Apr-Dec, up 3.2% from the corresponding period last year, the report said.
Though India imported a higher volume of crude oil in December, the import bill declined over 6% on year to $10.7 billion. Crude oil imports in volume terms rose 1% on year to 19.9 million tonnes in December. India is the world's third-largest importer of crude oil, after China and the US.
The country's dependency on crude oil imports during Apr-Dec rose to 88.1% from 87.5% during the same period last year. Domestic crude oil production fell 1.8% on year to 21.6 million tonnes in Apr-Dec, while consumption of petroleum products rose 3.4% from a year ago to 178.5 million tonnes, the data showed. The output of petroleum products in Apr-Dec rose 2.8% on year to 211.6 million tonnes.
During Apr-Dec, gross total petroleum imports, including crude oil and petroleum products, rose 3.9% on year to 217.9 million tonnes. The value of the gross total petroleum imports rose 4.1% to $120.7 billion, the data showed.
India's exports of petroleum products rose 1.5% on year to 47.5 million tonnes during Apr-Dec. However, the value of exports fell 9.2% on year to $32.6 billion during the period. The value of liquefied natural gas imports increased 19.4% on year to $11.7 billion in Apr-Dec, the data showed. End
US$1 = INR 86.61
Reported by Ashutosh Pati
Edited by Rajeev Pai
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