Indian Ministry Saved Billions of Dollars via Russian Crude Oil Imports

SEATTLE (Oil Monster): The Indian Ministry announced that Russian crude supplies coupled with lower international oil prices has helped the country save more than $25 billion in foreign exchange during the financial year ended 31^st March, 2024, upon comparison with the year before. The volume of imports remained more or less the same during both the years, it said.

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During 2023-’24, the country imported crude oil worth $132.40 billion. This compares to spending of $157.50 billion during 2022-’23. The volume of imports in 2023-’24, at 232.5 million tonnes (MT), remained marginally lower by 0.08%, when compared with 232.7 MT in 2022-’23.

The savings in terms of value surged higher by nearly 16% to around INR 1.64 lakh crore. The two primary reasons for the significantly higher savings were the lower average cost of the country’s crude oil imports in comparison with the previous year as well as purchase of highly discounted oil from Russia, authorities noted.

The value of imports of petroleum products, including liquefied petroleum gas (LPG), naphtha, bitumen and fuel oil, recorded decline from $28.2 billion in 2022-’23 to $25.1 billion in 2023-’24.