India’s gross petroleum import bill, including shipments of both crude oil and petroleum products, rose 9 per cent last financial year to $ 80.3 billion on the back of seven percent rise in volumes and a three percent increase in the average crude price, according to fresh data released by the oil ministry.
Crude oil imports rose by more than five percent to 213 million tonne (MT) and the crude oil import bill increased by more than nine percent to $70 billion last fiscal as compared to $64 billion recorded in 2015-2016.
India’s petroleum product imports by quantity rose by 22 percent last fiscal year to 36 MT from 29.5 MT in 2015-2016. “The increase in petroleum product imports can be attributed to increase in pet-coke imports by the private sector,” the oil ministry’s technical arm Petroleum Planning and Analysis Cell (PPAC) said in a report. In terms of value the country’s petroleum product import bill rose by five percent to $10.6 billion last fiscal year.
Cumulatively, the country imported around 249 million tonnes (MMT) of crude and petroleum products during 2016-2017, a seven percent growth over 232 MT imported in previous fiscal year.
The Indian basket of crude – that represents a mix of 71 per cent Oman and Dubai grades and 29 per cent of dated Brent – averaged $47.56 per barrel in 2016-17 as compared to $46.18 per barrel in the previous fiscal, according to data published by Petroleum Planning and Analysis Cell (PPAC), the oil ministry’s technical arm.
According to data available on PPAC, petroleum product production – including petrol, diesel and LPG — from indigenous crude fell one percent to 34.7 million tonne (MT) last fiscal year from 35.2 MT in 2015-2016, while the country’s consumption of petroleum product increased by five percent to 194 MMT. The country’s self-sufficiency in petroleum products declined from 22 percent in 2013-2014 to 18 percent in 2016-2017 due to strong consumption growth and declining domestic production.
India’s import dependency on crude further increased marginally to 82 percent in 2016-2017 from 81 percent a year ago. Import dependence stood at 77.6 percent in 2013-2014. On petroleum products’ exports front, India’s shipments grew seven per cent to 65 MT last fiscal. The Oil Marketing Companies accounted for 20 per cent of the exports volume. Deryk Engelland Womens JerseyShare This