24/04/2024
Indiaโs crude oil imports decreased by 16% in the last fiscal year (ending March 2024) due to lower global oil prices. However, despite this decline, Indiaโs reliance on foreign oil suppliers reached a record high of 87.7%. This is because domestic crude oil production remained stagnant at around 29.4 million tonnes.
Although the import volume dipped slightly, the total import bill came down to $132.4 billion from $157.5 billion in the previous year.
India imported 232.5 million tonnes of crude oil, which is refined into fuels like petrol and diesel, in the 2023-24 fiscal (April 2023 to March 2024), almost the same as in the previous financial year.
(Crude Oil, ONGC, Reliance, Petrol, Diesel)