India: Crude oil imports jump 89% to $47.5 billion in Q1
India’s crude oil imports in Q1FY23 rose 17% on year to 60.2 million tonne (MT) as refineries stepped up processing to meet higher domestic demand for petroleum products including diesel. Exports of petroleum products also rose by 7.2% during the period.
Imports, in value terms, were higher by 89% in Q1FY23 to $47.5 billion on year mainly due to costlier crude. India meets around 85% of its crude need through imports. In the whole of FY22, India’s crude oil import was 212 MT, valued at $120.4 billion.
Domestic production of crude oil including condensate during the April-June period was flat at 7.45 MT, just 0.62% higher than in the corresponding period of last year.
According to Petroleum Planning and Analysis Cell (PPAC), an attached office of the ministry of petroleum and natural gas, domestic refiners processed 65.8 MT crude during April-June period of the current fiscal which was 14.8% higher compared with the corresponding period of last fiscal.
The consumption of petroleum products during April-Jun 2022 at 55.1 MT was higher 16.8% compared to 47.2 MT during the same period of the previous year, led by higher consumption of diesel to 22.2 MT from 18.4 MT in Q1FY22.
Import of petroleum products was also higher by 21.6% at 10.7 MT in the first quarter of the current fiscal compared with the same period last fiscal. Exports, on the other hand, also increased by 7.2% to 16.3 MT.
Source: Financial Express