India’s crude oil import rises 3.1% in Q1 of FY2024-25; import bill swells by 19%

New Delhi: India’s crude oil imports increased by 3.1 percent during Q1 of FY2024-25 compared to the previous year’s corresponding period, government data shows. Along with the increase in imports, the crude oil import bill swelled by 19 percent in the April-June period, going up from USD 31.5 billion in April-June of FY2023-24 to USD 37.5 billion in the Q1 of the current fiscal year. For the month of June, however, imports decreased by 5.1 percent year-on-year.

PSU Watch is now on Whatsapp Channels. Click here to join

Consumption of petroleum products reports 3.4% growth in Q1 of FY25

The consumption of petroleum products during April-June 2024-25, with a volume of 60.9 MMT, reported a growth of 3.4 percent compared to the volume of 58.9 MMT during the same period of the previous year. This growth was led by 11.4 percent growth in ATF, 7.1 percent growth in MS, 1.6 percent in HSD and 5.0 percent in LPG consumption. The consumption of petroleum products for the month of June 2024 recorded a growth of 2.6 percent with a volume of 20.0 MMT compared to the corresponding month of the last year.

Total crude oil processed during June 2024 was 22.2 MT, which is 3.1 percent higher than June 2023. PSU/JV refiners processed 15.1 MMT and private refiners processed 7.1 MMT of crude oil. Total indigenous crude oil processed was 2.1 MMT and total imported crude oil processed was 20.1 MT by all Indian refiners. There was a growth of 1.7 percent in total crude oil processed in April-June 2024-25 as compared to the same period of 2023-24.

Domestic crude oil production continues to decline

India’s domestic crude oil and condensate production during June 2024 was 2.4 MMT, which was 2.7 percent lower than the corresponding month of the previous fiscal year. State-run Oil & Natural Gas Corporation (ONGC) recorded a production of 1.6 MMT, while Oil India Limited (OIL) produced 0.3 MMT of oil.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)