FY24 crude import bill falls 16% on Russia discount – Economy News

Despite the volume remaining largely unchanged, India’s crude oil import bill for 2023-24 declined 16% year-on-year to $132.4 billion, primarily because of discounts offered by Russia on its supplies, recent data from the Petroleum Planning and Analysis Cell showed. In FY23, the crude oil import bill stood at $157.5 billion.Russia has emerged as the top supplier of crude to India after the Russia-Ukraine war began.Following sanctions from the West, Russia started offering discounts on its oil supplies. However, the quantum of discount has fallen –  from more than $30 a barrel to $5-6 per barrel at present, according to analysts.India imported 232.5 million tonne of crude oil in FY24, marginally down from 232.7 MT in FY23. However, the country’s import dependency on crude oil rose to 87.7% in FY24, from 87.4% in FY23, owing to higher consumption.India’s consumption of refined oil products touched 233.3 MT in FY24, up 4.6% from 223 MT in FY23. The growth in consumption of major petroleum products such as petrol, high speed diesel, aviation turbine fuel and liquified petroleum gas drove the growth in the previous fiscal.While India continues to rely heavily on imports to meet almost 88% of its requirement, domestic production over the years has remained stagnant.

FY24 crude import bill falls 16% on Russia discount – Economy News – Reader Mode