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India’s crude import bill surges 40%

India’s crude import bill surges 40%
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First Published: Tue, May 27 2008. 02 21 PM IST
Updated: Tue, May 27 2008. 02 21 PM IST
PTI
New Delhi: India’s crude oil import bill has jumped over 40% to $68 billion in 2007-08 on relentless rise in international prices.
The nation imported 121.672 million tonnes of crude oil for $67.988 billion in 2007-08 as opposed to 111.502 million tonnes imported for $48.389 billion previous year, according to the latest data released by the Petroleum Ministry.
In rupee terms, the import bill has risen 24.5% to Rs2,72,699 crore as against Rs2,19,029 crore previously.
The country also imported 22.716 million tonnes of products like naphtha, LPG and kerosene for $15.255 billion (Rs61,504 crore). The 2.829 million tonnes of LPG imports cost $2.135 billion (Rs8,563 crore) while 5.965 million tonnes of naphtha cost $4.565 billion (Rs18,401 crore).
In 2006-07, India imported 17.66 million tonnes of products for $9.968 billion (Rs41,160 crore).
Fuel exports grew 17% to 39.327 million tonnes earning $26.771 billion (Rs1,07,603 crore). Diesel at 14.308 million tonnes for $10.178 billion (Rs40,871 crore) was the biggest contributor. Naphtha exports at 9.297 million tonnes fetched $6.790 billion (Rs27,365 crore). Petrol and aviation turbine fuel were other major products exported.
The net oil import bill (crude oil import plus product imports minus exports) stood at $56.473 billion (Rs226,600 crore) as compared to $39.549 billion (Rs179,095 crore) of 2006-07.
Fuel consumption in the country grew by a healthy 7% to 129.235 million tonnes with mainstay diesel demand growing at 11.1% to 47.637 million tonnes. LPG demand grew 10.6% to 11.996 million tonnes while petrol consumption was up 11.2% at 10.327 million tonnes.
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First Published: Tue, May 27 2008. 02 21 PM IST
More Topics: Oil | Imports | LPG | Rupee | Petrol |