Crude oil imports decline 23%, fuel sales up by 1%

Crude oil imports decline 23%, fuel sales up by 1%

New Delhi: India’s crude oil import fell by over 23% in October even through domestic fuel sales snapped a two-month declining trend to rise by 1%.

The nation’s 19 public and private sector refineries imported 10.1 million tonne of crude oil in October as compared to 13.23 million tons crude imported in the same month a year ago, according to the latest data from the Oil Ministry here.

Domestic oil product sales was up by 1% at 11.647 million tons as opposed to 11.538 million tons in October 2009.

Diesel consumption eased to 4 per cent annual growth at 4.96 million tonne while petrol sales were up by 7.3% at 1.21 million tonne. Naphtha, kerosene, fuel oil, bitumen and petcoke recorded negative growth rate. Naphtha sales was down by 9.8 per cent at 738,500 tonne but jet fuel consumption was up by 10% at 434,100 tonne.

India’s oil product imports were 44.3% up at 1.22 million tonne while exports dropped by a massive 45% to 2.96 million tonne.

Diesel exports fell 70% in October to 676,000 tonne, while petrol exports at 452,500 tonne were down 50.4% from a year ago.

The government estimates domestic oil product demand will rise 5.7% in the current financial year.

Fuel consumption in April-October was up by 1.8% at 81.02 million tonne with diesel recording a 6.7% growth rate at 32.01 million tonne. Petrol sales was up 11.1% at 8.24 million tonne.

Crude oil imports dipped by 1.9% to 89 million tonne in April-October. Oil product imports were up 12.4% at 10.18 million tonne while exports rose 6.4% to 28.41 million tonne.