Increased domestic demand results in a 15% increase in India’s net oil import bill

According to the most recent data from the petroleum ministry, India’s net oil and gas import bill increased by almost 15% year over year for the first seven months of the current fiscal year (FY25). This increase was mostly due to higher import volumes of crude oil, liquefied natural gas (LNG), and petroleum products amid

Crude oil consumption increased by 4.6% in FY24: PPAC

India’s total consumption of crude oil or petroleum products rose 4.6 pent in fiscal 2023-24 (FY24) to 233.3 million metric tonne (MMT), while domestic production of crude oil rose marginally at 0.6 per cent. The domestic crude oil production was almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the year-ago period.

Crude oil output rises 7.9% to 2.3 MMT in February

Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2024 and April-February 2024 respectively India produced a total of 2.3 million metric tonnes (MMT) of crude oil in February 2024 – registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning &

Domestic crude production grows by 2.1% in August

Domestic crude oil production increased by 2.1 percent in August on a year-on-year basis to 2.5 million metric tonnes (MMT), as shown by data from the Oil Ministry on September 20. According to data from the Petroleum Planning & Analysis Cell (PPAC), ONGC registered a production of 1.61 MMT, while Oil India produced 0.28 MMT

Fuel consumption in India rises by 1.9% in July

India’s fuel consumption, a proxy for oil demand, rose by 1.9% year-on-year in July to about 18.09 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Fuel demand was still down about 6.6% from the previous month, when demand stood at 19.36 million tonnes. There is a seasonality

India expects fuel demand to grow 5.5% in the next fiscal year

India’s fuel demand is likely to grow 5.5% in the next fiscal year beginning April 1, initial government estimates show, reflecting a pick-up in industrial activity and mobility in Asia’s third largest economy after months of stagnation. India’s fuel consumption in 2022-23, a proxy for oil demand, could rise to 214.5 million tonnes from the