India's April crude imports up 7%, net oil & gas bill hits $12.3bn: PPAC

27 May 2024 CW Team

The import dependence of crude oil in April was recorded at 88.4 percent, slightly lower than the 88.6 percent seen in the previous year. Domestic crude oil production in April 2024 reached 2.4 million metric tonnes (MMT), marking a 1.6 percent increase compared to the previous year. Among the contributors, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil, while Oil India (OIL) and private sector producers contributed 0.3 MMT and 0.5 MMT, respectively.

India's total consumption of crude oil and petroleum products in April 2024 increased by 0.8 percent to 21.6 MMT. The average price of Brent Crude was $90.15/bbl during April, compared to $85.48/bbl in March 2024 and $84.94/bbl in the same period last year. The Indian basket crude price averaged $89.46/bbl last month, up from $84.49/bbl in March 2024 and $83.76/bbl in the previous year.

The consumption of petroleum products in April, totalling 19.9 MMT, saw a growth of 6.1 percent compared to the same period last year. This growth was driven by increases in motor spirit (MS) or petrol by 14.1 percent, high-speed diesel (HSD) by 1.3 percent, aviation turbine fuel (ATF) by 13.1 percent, liquified petroleum gas (LPG) by 9.4 percent, and naptha consumption by 3.9 percent, among others.

India's production of petroleum products in April 2024, totalling 23.4 MMT, was 3.9 percent higher than in April 2023, with 23.1 MMT from refinery production and 0.3 MMT from fractionator.

The total natural gas consumption, including internal consumption, for April was 5,515 MMSCM, a 6.4 percent increase from the same month last year. Gross natural gas production for April was 2,958 MMSCM, up by 7.8 percent compared to the corresponding month last year. LNG import for April 2024 reached 2,608 MMSCM, a 3.7 percent increase from the previous year.

In FY24, India's total consumption of crude oil and petroleum products increased by 4.6 percent to 233.3 MMT, while domestic production of crude oil saw a marginal rise of 0.6 percent. Domestic crude oil production remained almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the previous fiscal year. India remains dependent on imports to fulfill over 85 percent of its crude oil requirements and around 50 percent of its natural gas requirements.

In April 2024, India saw a seven percent increase in its crude oil imports compared to the previous year, with the net import bill for oil and gas reaching $12.3 billion, up from $10.1 billion in the same period last year, according to the latest data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). The crude oil imports amounted to $13.0 billion, while liquified natural gas (LNG) imports stood at $1.1 billion, and exports reached $3.7 billion. The import dependence of crude oil in April was recorded at 88.4 percent, slightly lower than the 88.6 percent seen in the previous year. Domestic crude oil production in April 2024 reached 2.4 million metric tonnes (MMT), marking a 1.6 percent increase compared to the previous year. Among the contributors, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil, while Oil India (OIL) and private sector producers contributed 0.3 MMT and 0.5 MMT, respectively. India's total consumption of crude oil and petroleum products in April 2024 increased by 0.8 percent to 21.6 MMT. The average price of Brent Crude was $90.15/bbl during April, compared to $85.48/bbl in March 2024 and $84.94/bbl in the same period last year. The Indian basket crude price averaged $89.46/bbl last month, up from $84.49/bbl in March 2024 and $83.76/bbl in the previous year. The consumption of petroleum products in April, totalling 19.9 MMT, saw a growth of 6.1 percent compared to the same period last year. This growth was driven by increases in motor spirit (MS) or petrol by 14.1 percent, high-speed diesel (HSD) by 1.3 percent, aviation turbine fuel (ATF) by 13.1 percent, liquified petroleum gas (LPG) by 9.4 percent, and naptha consumption by 3.9 percent, among others. India's production of petroleum products in April 2024, totalling 23.4 MMT, was 3.9 percent higher than in April 2023, with 23.1 MMT from refinery production and 0.3 MMT from fractionator. The total natural gas consumption, including internal consumption, for April was 5,515 MMSCM, a 6.4 percent increase from the same month last year. Gross natural gas production for April was 2,958 MMSCM, up by 7.8 percent compared to the corresponding month last year. LNG import for April 2024 reached 2,608 MMSCM, a 3.7 percent increase from the previous year. In FY24, India's total consumption of crude oil and petroleum products increased by 4.6 percent to 233.3 MMT, while domestic production of crude oil saw a marginal rise of 0.6 percent. Domestic crude oil production remained almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the previous fiscal year. India remains dependent on imports to fulfill over 85 percent of its crude oil requirements and around 50 percent of its natural gas requirements.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..