Higher Energy Demand Pushes India's Crude Oil Imports By 7% In April
Date
5/25/2024 2:17:18 PM
(MENAFN- KNN India) New Delhi, May 25 (KNN)
India's crude oil imports increased by 7 per cent year-on-year in April 2024, driven by robust energy demand in the world's third-largest oil consumer, according to the latest data from the government's petroleum Planning & Analysis Cell (PPAC).
The country's net import bill for oil and gas surged to USD 12.3 billion last month, compared to USD 10.1 billion in April 2023, the PPAC figures revealed.
Crude oil imports alone accounted for USD 13.0 billion, while liquefied Natural gas (LNG) imports amounted to USD 1.1 billion.
Export earnings from petroleum products stood at USD 3.7 billion during the month.
India's dependence on imported crude oil remained elevated at 88.4 per cent in April, only a slight decrease from 88.6 per cent in the year-ago period.
The nation's domestic crude production stood at 2.4 million metric tonnes (MMT), a marginal increase of 1.6 per cent compared to April 2023.
State-owned Oil and Natural Gas Corporation (ONGC) was the leading domestic producer, contributing 1.6 MMT of crude oil.
Oil India Limited (OIL) and private sector players accounted for 0.3 MMT and 0.5 MMT, respectively, as per the Oil Ministry data.
Overall consumption of crude oil and petroleum products in India rose 0.8 per cent year-on-year to 21.6 MMT in April.
The average price of Brent crude stood at USD 90.15 per barrel during the month, higher than USD 85.48 in March 2024 and USD 84.94 in April 2023.
The Indian basket of crude averaged USD 89.46 per barrel, compared to USD 84.49 in March and USD 83.76 a year earlier.
Consumption of petroleum products increased by 6.1 per cent to 19.9 MMT in April, up from 18.7 MMT in the same period last year, reflecting the nation's robust energy demand amid economic expansion.
(KNN Bureau)
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