India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and the military conflict in Ukraine.
New Delhi, April 26 - Neftegaz.RU.
The world's 3rd
biggest oil consuming and importing nation, spent $119.2 billion in 2021-22 (April 2021 - March 2022), up from $62.2 billion in the previous fiscal year, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC).
It spent $13.7 billion in March alone, when oil prices surged to 14-year high.
This compared with $8.4 billion spending in the same month last year.
According to PPAC, India
imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year.
This was, however, lower than pre-pandemic imports of 227 million tonnes in 2019-20.
India, which is 85.5 % dependent on imports to meet oil needs, has a surplus refining capacity and it exports some petroleum products but is short on production of cooking gas LPG
, which is imported from nations like Saudi Arabia
Import of petroleum products in 2021-22 fiscal was 40.2 million tonnes worth $24.2 billion.
Besides, India also spent $11.9 billion on import of 32 billion m3
This compared to $7.9 billion spent on import of 33 bcm of gas in the previous fiscal.
Net oil & gas import bill, after adjusting for exports, came to $113 billion, up from $63.5 billion in 2020-21 and $92.7 billion in 2019-20.
India had spent $62.2 billion on the import of 196.5 million tonnes of crude oil
in the previous 2020-21 fiscal, when global oil prices remained subdued in the wake of the COVID-19 pandemic
Higher crude oil import bill is expected to dent the macroeconomic parameters.