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Amid global price slump, India saw 50 per cent drop in crude oil import bill in 2015-16

Global slump in oil prices has resulted in India’s crude oil import bill dipping to almost half to $64 billion in 2015-16 fiscal.
India TV Business Desk April 21, 2016 14:56 IST
India TV Business Desk

New Delhi: Global slump in oil prices has resulted in India’s crude oil import bill dipping to almost half to $64 billion in 2015-16 fiscal. Crude oil prices across the globe are reeling at multi-year lows.

India imported 202.1 million tonnes of crude oil in the fiscal year that ended March 31, for USD 64.4 billion, according to latest data available from Petroleum Ministry.

This compared to import of 189.4 million tonnes of crude oil for USD 112.7 billion in the previous 2014-15 fiscal.

In rupee term, import of crude oil, which on processing converts into fuel like petrol and diesel, was Rs 4,18,931 crore in 2015-16, down from Rs 6,87,416 crore a year ago.

While the basket of crude oil India imports averaged USD 84.16 per barrel in 2014-15, it cost only USD 46.17 a barrel in FY16. Indian basket averaged USD 105.52 per barrel in 2013-14.

Domestic crude oil production was marginally lower at 36.9 million tonnes in 2015-16 from 37.5 million tonnes in the previous financial year. Consumption however fuel consumption at 183.5 million tonnes, registered a growth of 10.9 per cent, the highest in 15-years.

India also imported 28.3 million tonnes of petroleum products worth USD 10 billion in FY16 compared with USD 12.1 billion it had paid for import of 21.3 million tonnes of fuel in the year ago period.

Fuel exports improved during March 2016 by 11.4 per cent to 5.5 million tonnes worth USD 2.3 billion. On cumulative basis, petroleum product exports were lower by 5.1 per cent to 60.6 million tonnes worth USD 27.4 billion as against export of 63.9 million tonnes of fuel for USD 47.3 billion.

Indigenous crude oil production during March was lower by 5.1 per cent (3.1 million tonnes) than in the previous year.

(With PTI inputs)