2024-05-25 01:50:57
New Delhi: After a slight lower in imports within the monetary 12 months 2024, crude oil imports registered a 7% improve within the first month of the present monetary 12 months. This time 2.14 crore tonnes of crude was imported as in comparison with 2 crore tonnes in April a 12 months in the past. The expenditure for this elevated by 19% as in comparison with a 12 months in the past. In keeping with the information of Petroleum Planning and Evaluation Cell below the Ministry of Petroleum and Pure Gasoline, 13 billion {dollars} i.e. one lakh 8 thousand 580 crore rupees needed to be spent on imports. The oil invoice in April 2023 was 10.9 billion {dollars}.
Why is the oil invoice growing?
The discount in low cost on Russian oil performed a significant position within the improve in oil invoice. The typical international worth of Brent crude in April was $90.2 per barrel, which was $85.5 per barrel a 12 months in the past. The typical worth of crude for Indian imports additionally elevated to $89.5 per barrel, which was $84.5 in March and $83.8 per barrel in April a 12 months in the past. India was additionally affected by the rise in crude costs after the Ukraine warfare started, however there was aid as Russia was supplying oil to India at a less expensive worth. Nonetheless, in response to business sources, the low cost on Russian oil in comparison with the worldwide worth has now come right down to round $4, which was earlier as much as $10 per barrel.
The demise of Ibrahim Raisi and the sickness of the Saudi King could trigger oil costs to rise
Dependence on imports is growing
The consumption of petroleum merchandise in April was 1.99 crore tonnes, which is 6.1% greater than the identical month a 12 months in the past. In April 2023, 1.87 crore tonnes had been consumed. On the identical time, the manufacturing of crude oil and condensate within the nation remained the identical. 24 lakh tonnes had been produced in April. The manufacturing was the identical a 12 months in the past. In April, the dependence on crude oil imports was 88.4%. This was lower than 88.6% a 12 months in the past, however given the best way the consumption of petroleum merchandise is growing and the state of crude oil manufacturing within the nation, import dependency could improve within the present monetary 12 months. Within the monetary 12 months 2024, the dependence on imports elevated to 87.7%, which was 87.4% within the earlier monetary 12 months. Within the monetary 12 months 2022, India needed to import 85.5% of its complete crude oil requirement.