Exim

NEWS DETAILS

Date: 22/11/2024

India’s oil, gas import bill soars

India’s net oil and gas import bill for the first seven months of the current financial year (FY25) rose by nearly 15% year-on-year primarily on the back of higher import volumes of crude oil, liquefied natural gas (LNG) and petroleum products amid rising demand and stagnant domestic production, as per provisional data from the Petroleum Planning & Analysis Cell (PPAC) of the Oil Ministry. The lower value of the country’s petroleum product exports also contributed to the expansion in the net oil and gas import bill. India’s net oil and gas imports in value terms for the April-October period were at $79.3 billion, up from $69.2 billion a year ago. Crude oil imports for April-October rose 3.5% year-on-year to 140.2 million tonnes, while the oil import bill rose 7.6% to $81.7 billion, said a report.

Source: Exim News Service; New Delhi, Nov. 21