Achi news desk-
Reduction in the crude oil import account
– Photo: PTI
expansion
India’s crude oil import prices fell by 16%. International crude oil prices are low, due to which India paid 16% less for crude oil this financial year. However, India’s dependence on international suppliers has increased this financial year. India imported about 230 million tons of crude oil in the fiscal year. This is the same as the last financial year. However, in the last financial year India paid $157.5 billion for crude oil and in the financial year 2023-24 it will pay $132.4 billion.
Increased dependence on imports due to the reduction of local production
India is the third largest oil importer in the world. India produced less crude oil domestically this fiscal year and increased dependence on imports. According to data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum, India produced 2 crore 94 lakh tonnes of crude oil in the financial year. At the same time, it imported 87.7% of its crude oil consumption, which is more than 87.4% from the last fiscal year. Apart from crude oil, India spent $23 billion on importing petroleum products like LPG etc. India also exported petroleum products worth $47.4 billion. Apart from crude oil, India also imports LNG gas.
India also imports LNG
In fiscal year 2023-24, India imported 30.91 billion cubic meters of gas, worth $13.3 billion. In fiscal year 2022-23, India imported 26 billion cubic meters of gas, worth $17 billion. Energy prices rose following Russia’s attack on Ukraine, which also fell on India. Thus, in the financial year 2023-24, India spent a total of $121 billion on crude oil, petroleum products and LNG imports, down from $144 billion previously. Oil imports account for 25 percent of India’s total imports, which is down slightly from 28 percent in fiscal year 2022-23. Exports of petroleum products constitute 12 percent of India’s total exports. This is also down compared to 14 percent in the last financial year.
