India's crude oil import prices decreased by 16%, know what are the figures

India's crude oil import prices have declined by 16%. International crude oil prices are low, due to which India paid 16% less for crude oil in this financial year. However, India's dependence on international suppliers has increased in this financial year. India imported about 230 million tonnes of crude oil in this financial year. This is the same as the last financial year. However, in the last financial year, India paid $157.5 billion for crude oil and in the 2023-24 financial year, it will pay $132.4 billion.

India is the third largest oil importer in the world. India produced less crude oil domestically this financial year and increased dependence on imports. According to data from the Petroleum Planning and Analysis Cell of the Petroleum Ministry, India produced 2 crore 94 lakh tonnes of crude oil in the financial year. At the same time, it imported 87.7% of its crude oil requirement, which is more than 87.4% of the last financial year. Apart from crude oil, India spent $23 billion on importing petroleum products like LPG etc. India also exported petroleum products worth $47.4 billion. Apart from crude oil, India also imports LNG gas.

India imported 30.91 billion cubic metres of gas in the fiscal year 2023–2024, totalling $13.3 billion. India imported 26 billion cubic metres of petrol in the fiscal year 2022–2023, for $17 billion. Russia's attack on Ukraine has resulted in higher energy prices, which India is also bearing the brunt of. Consequently, India spent a total of $121 billion, or less than the previous year's $144 billion, on the import of crude oil, petroleum products, and LNG in the fiscal year 2023–2024. 25% of India's total imports are petroleum-related, a slight decline from 28% in the fiscal year 2022–2023. 12% of India's total exports are petroleum products. Additionally, this has dropped from 14% in the previous fiscal year.