India’s Crude Oil Imports Dipped 29% in H1 This Fiscal

SEATTLE (Oil Monster): The crude oil imports by India recorded a decline by 29% over the previous year to $63.4 billion in the initial six-month period of the fiscal year 2023-’24. The average monthly import bill witnessed a declining trend since the peak of $93.54 per barrel during the month of September.

According to provisional data released by the Petroleum Planning and Analysis Cell under the Ministry of Oil, the average cost of imported oil registered sharp decline by over 20% to $82.34 per barrel in the six months to September. This compares with $103.68 in the same period last year.

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The monthly average crude oil import price was $ 83.76 per barrel in April, which then declined to levels of below $75 per barrel in May and June. It edged higher to $80.37 per barrel in July and peaked to $93.54 per barrel in September. It dipped to $90.08 per barrel during October. The average prices recorded decline in the first seven days of November, data said.

The crude oil imports by the country rose to 116.2 million tonnes in April-September compared to 115.7 million tonnes in the same period last fiscal year. The imports of petroleum products too rose from 20.7 million tonnes to 22.8 million tonnes.