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India’s net oil and gas imports rose to $69.1 billion in H1 FY2025, up by 21%
Due to a surge in imports, India's crude oil import dependency increased to 88.2% from 87.2% in the first six months of last year.
India’s net oil and gas imports rose by 21%, to $69.1 billion in the first six months of 2024-2025 from $57.3 billion in the comparable period as domestic production failed to catch up with the consumption growth.
Due to a surge in imports, India’s crude oil import dependency increased to 88.2% from 87.2% in the first six months of last year. The percentage of petroleum products in India’s total gross imports surged to 23.5% from 22.5% in April- September 2023.
In the April-September period, Indian crude oil imports were $71.3 billion, up from $63.7 billion in the comparable period last year, up by 4% in volume terms. Brent, the international crude oil benchmark, averaged $74.33 per barrel during September 2024, as against $80.91/barrel during August 2024 and $94.00/barrel during September 2023. The crude oil benchmark averaged $81/barrel as against $82/barrel in the last fiscal year.
India’s imports of refined petroleum products increased by 13% to $12.1 billion, while exports fell 6.78% to $22 billion from $23.6 billion.
According to data published by the Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas, crude oil and condensate production decreased by 3.9% in September 2024 compared with the corresponding period of the previous year. The indigenous crude oil and condensate production during September 2024 was 2.1 Million Metric Tons (MMT).
The consumption of petroleum products during April-Sept 2024, with a volume of 117.7 MMT, reported a growth of 3.1 % compared to the volume of 114.2 MMT during the same period of the previous year. The consumption of petroleum products for September 2024 recorded a de-growth of 1.6% with a volume of 17.9 MMT compared to the same period of the previous year.
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