India's oil import bill drops despite rising import volumes
Date
12/29/2024 3:56:41 AM
(MENAFN) India's oil import bill has seen a reduction year-on-year for the months of September, October, and November, despite an increase in import volumes, according to data from the petroleum Ministry. This marks a shift from earlier in the fiscal year when the value of oil imports had been higher compared to the same period in the previous year.
During the September-November period, India's oil imports decreased by 9 percent in value terms, totaling USD31.2 billion. However, import volumes increased by 4.4 percent to 57.2 million tonnes, as reported by the Petroleum Planning & Analysis Cell.
The value decline was most significant in November, where it fell by 13 percent, followed by a 10.9 percent drop in October and a 2.8 percent decrease in September, when compared to the same months of the previous fiscal year.
Despite the fall in import costs, volumes continued to rise, with November seeing a 2.7 percent increase, October a 4.3 percent increase, and September a 6.3 percent rise. This trend reflects India's growing demand for oil, driven by softer global crude prices.
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