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

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

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.

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.

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?