India’s Oil Import: India’s crude oil import spending nearly doubled to $119 billion in the fiscal year 2021-22 that ended in March. This is because of the increase in demand and the increase in energy prices globally due to the war in Ukraine. India is the third largest country in the world in terms of oil consumption and import.
Ministry gave information
According to data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry, India spent $119.2 billion on oil imports between April 2021 and March 2022. Its oil import bill stood at $ 62.2 billion in the same period last year.
Price reached a record level of 14 years
When oil prices hit a 14-year high in March, India spent $13.7 billion on oil imports in this month alone, compared to $8.4 billion in the same period last year.
Crude oil crosses $100
Globally, oil prices started rising from January. In February, they crossed $100 per barrel. At the beginning of March, the price of oil had reached a record level of $140 per barrel. However, after that the prices started falling and now it is around $ 106 per barrel.
Imported 21221 million tonnes of crude oil
According to PPAC, in the financial year 2021-22, India imported 212.21 million tonnes of crude oil, compared to 19.65 million tonnes in the previous year. However, this is less than the year 2019-20 before the pandemic when 227 million tonnes of oil was imported. Then 101.4 billion dollars were spent on oil imports. India depends on imports for 85.5 per cent of its crude oil requirements.
Dependence on imports 85 percent
According to the PPAC, India’s dependence on oil imports was 85 percent in 2019-20, which fell to 84.4 percent in the subsequent year, but in 2021-22 it once again increased to 85.5 percent.