New Delhi: Crude oil imports in June have been about 6% decrease than a yr in the past, however expenditure on it elevated by 11% to $11.1 billion. With crude oil manufacturing not rising within the nation, consumption of petroleum merchandise elevated throughout this era, however their manufacturing within the nation was lowered. In response to the newest knowledge from the Petroleum Ministry, after a slight lower in imports in FY 2024, crude oil imports within the 3 months from April to June within the present monetary yr elevated by 2.9% to 62 million tonnes in comparison with a yr in the past. Its import invoice elevated by 19% to $37.5 billion.
Imports have been rising since February this yr and a file 21.8 million tonnes of crude was imported in Could. In Could this yr, 5.7% extra was imported than a yr in the past. Imports fell by about 15% to 18.5 million tonnes in June as in comparison with Could. It was additionally 5.6% lower than June 2023.
Common crude worth elevated by 10%
A mean of two million barrels per day have been imported in June at a less expensive charge from Russia, the most important provider of crude oil to India. However in June, the typical Brent crude worth for the Indian basket was greater than 10% greater than a yr in the past. In June this yr, it was $ 82.55 per barrel, which was $ 74.93 per barrel a yr in the past. In Could this yr, the typical worth was $ 83.62 per barrel.
Dependence on imports elevated
In response to the ministry, 20 million tonnes of petroleum merchandise have been consumed in June, which was 19.5 million tonnes in the identical month a yr in the past. Whereas consumption in April elevated by 6.1% in comparison with a yr in the past, it declined by 1% in Could. On the similar time, the manufacturing of petroleum merchandise within the nation decreased by 1.5% from 2.31 crore tons a yr in the past to 2.27 crore tons in June.
The goal for crude oil manufacturing within the nation was 76 lakh tons for April-June, however the manufacturing was solely 67 lakh tons, which was 69 lakh tons a yr in the past. ONGC’s manufacturing was 44 lakh tons, OIL India’s 9 lakh tons and personal firms’ 14 lakh tons. On the idea of consumption of petroleum merchandise, dependence on imports elevated to 88.8% in June, which was 87.5% a yr in the past. Import dependency was 88% in Could.