India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC

India's crude oil imports increased by seven per cent year-on-year (YoY) in April 2024 and the net import bill for oil and gas hit $12.3 billion, compared to $10.1 billion in the corresponding period last year. Out of this, the crude oil imports constituted $13.0 billion, liquified natural gas (LNG) imports were at $1.1 billion and exports were $ 3.7 billion during April 2024, according to the latest oil ministry's Petroleum Planning & Analysis Cell (PPAC) data.

Import dependence of crude oil was at 88.4 per cent in April, slightly below from 88.6 per cent in the year-ago period. India's domestic crude oil production stood at 2.4 million metric tonnes (MMT) in April 2024 - registering a growth of 1.6 per cent compared to the year-ago period. 

Out of 2.4 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and and private sector producers contributed 0.3 MMT and 0.5 MMT, data released by the Oil Ministry showed.

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India's crude oil output, consumption in April 2024

India's total consumption of crude oil or petroleum products rose 0.8 per cent in April to 21.6 MMT. The price of Brent Crude averaged $90.15/bbl during April compared to $85.48/bbl during March 2024 and $84.94/bbl in the year-ago period. The Indian basket crude price averaged $89.46/bbl last month compared to $84.49/bbl during March 2024 and $83.76 /bbl in the year-ago period.

The consumption of petroleum products during April, with a volume of 19.9 MMT, reported a growth of 6.1 per cent compared to the volume of 18.7 MMT during the same period of the previous year, showed PPAC data.

The growth was led by 14.1 per cent growth in motor spirit (MS) or petrol, 1.3 per cent in high speed diesel (HSD) and 13.1 per cent in aviation turbine fuel (ATF), 9.4 per cent in liquified petroleum gas (LPG) and 3.9 per cent in naptha consumption besides lubes, and petcoke during the period.

Against this consumption, the production of petroleum products of the world's third largest oil importing and consuming nation was 23.4 MMT during April 2024 which is 3.9 per cent higher than April 2023. Out of 23.4 MMT, 23.1 MMT was from refinery production and 0.3 MMT was from fractionator.

The total natural gas consumption (including internal consumption) for April was 5,515 MMSCM which was 6.4 per cent higher than the corresponding month of the previous year. The gross production of natural gas for April was 2,958 MMSCM which was higher by 7.8 per cent compared to the corresponding month last year. LNG import for April 2024 was 2,608 MMSCM which was 3.7 per cent higher than the year-ago period.

India's total consumption of crude oil or petroleum products rose 4.6 pent in FY24 to 233.3 MMT, while domestic production of crude oil rose marginally at 0.6 per cent. The domestic crude oil production was almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the year-ago period. India is dependent on imports to meet over 85 per cent of its crude oil requirements and around 50 per cent of its natural gas requirements.