India's oil import bill shoots to $44 B

India's oil import bill shoots to $44 B

By agencies   |   Thursday, 11 May 2006, 07:00 Hrs
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NEW DELHI: Energy-hungry India's oil import bill has swelled 52 percent to $ 44.64 billion in 2005-06 on the back of high global oil prices.

India imported 99.4 million tons of crude oil for $ 38.77 billion and 11.67 million tons of petroleum products for $ 5.86 billion in 2005-06, according to latest Petroleum Ministry data.

In 2004-05, India had spent $ 25.98 billion on import of 95.86 million tons of crude oil and $ 3.28 billion on import of 10.47 million tons of petroleum products.

The country exported 21.50 million tons of petroleum products for $ 10.54 billion in 2005-06 as against oil product exports of 17.57 million tons worth $ 6.33 billion a year ago.

India's net oil import bill (total imports minus exports) stood at $ 34.09 billion in 2005-06 as opposed to a net oil import bill of $ 22.94 billion in the previous fiscal.

While imports rose, domestic consumption remained almost flat at 111.92 million tons. The country consumed 111.634 million tons oil products in 2004-05 fiscal.

Demand for diesel, the mainstay fuel, grew 1.3 percent to 40.15 million tons while that for industrial fuel like naphtha and LDO fell, the data showed.

LPG demand was up 0.6 percent to 10.3 million tons and petrol consumption rose 4.8 percent to 8.64 million tons.

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