India’s Petroleum Imports Rise 7.7% in FY 2024-25
OIL & GAS

India’s Petroleum Imports Rise 7.7% in FY 2024-25

India's petroleum imports grew by 7.7% during April-October FY 2024-25, driven by increased demand for liquefied petroleum gas (LPG), petcoke, and lubricants, according to data from the Petroleum Planning and Analysis Cell (PPAC). However, October 2024 recorded a slight 2.2% dip in imports compared to the same month last year.

Crude oil imports rose by 3.5% in the first seven months of FY 2024-25 and by 4.2% in October 2024 year-on-year. The net import bill for October 2024 stood at $10.6 billion, down from $11.8 billion in October 2023, thanks to reduced global crude prices, which averaged $75.66 per barrel in October 2024 compared to $91.05 a year earlier.

Domestic Crude Production and Refinery Output Domestic crude oil production continued to face challenges, declining by 4.9% year-on-year in October 2024 to 2.4 million metric tons (MMT). Oil India Limited (OIL) contributed 0.3 MMT, ONGC produced 1.6 MMT, and private operators added 0.5 MMT.

In contrast, Indian refineries processed 21.3 MMT of crude in October 2024, a 3.6% increase from the previous year. Public Sector Units handled 14.1 MMT, while private refiners processed 7.2 MMT. Cumulative crude processing during April-October FY 2024-25 rose by 2%.

Petroleum Production and Consumption Petroleum product output in October 2024 climbed 5.2% year-on-year to 23 MMT, led by diesel, which accounted for 41% of production. Motor spirit (16.8%), aviation turbine fuel (6.6%), and LPG (4.5%) were other key contributors. For April-October FY 2024-25, petroleum production grew by 2.8%.

Consumption of petroleum products also rose, reaching 137.6 MMT for April-October FY 2024-25, a 3% year-on-year increase. October 2024 alone saw a 2.9% rise in consumption to 20 MMT, driven by higher demand for motor spirit (7.4%), LPG (6.6%), and aviation turbine fuel (10.2%).

LNG Imports and Natural Gas Trends LNG imports surged by 10.5% in October 2024 to 2,932 MMSCM and grew by 22.2% cumulatively for April-October FY 2024-25. Natural gas consumption increased by 4.2% year-on-year in October 2024 to 6,005 MMSCM, with cumulative consumption for April-October FY 2024-25 rising by 11.2%.

Meanwhile, gross natural gas production fell by 1.6% in October 2024 to 3,111 MMSCM. Cumulative production for the fiscal year showed marginal growth of 1.1%, totaling 21,271 MMSCM.

India’s energy landscape reflects a complex interplay of rising demand, global price fluctuations, and domestic production challenges, underscoring the importance of a balanced import strategy.

India's petroleum imports grew by 7.7% during April-October FY 2024-25, driven by increased demand for liquefied petroleum gas (LPG), petcoke, and lubricants, according to data from the Petroleum Planning and Analysis Cell (PPAC). However, October 2024 recorded a slight 2.2% dip in imports compared to the same month last year. Crude oil imports rose by 3.5% in the first seven months of FY 2024-25 and by 4.2% in October 2024 year-on-year. The net import bill for October 2024 stood at $10.6 billion, down from $11.8 billion in October 2023, thanks to reduced global crude prices, which averaged $75.66 per barrel in October 2024 compared to $91.05 a year earlier. Domestic Crude Production and Refinery Output Domestic crude oil production continued to face challenges, declining by 4.9% year-on-year in October 2024 to 2.4 million metric tons (MMT). Oil India Limited (OIL) contributed 0.3 MMT, ONGC produced 1.6 MMT, and private operators added 0.5 MMT. In contrast, Indian refineries processed 21.3 MMT of crude in October 2024, a 3.6% increase from the previous year. Public Sector Units handled 14.1 MMT, while private refiners processed 7.2 MMT. Cumulative crude processing during April-October FY 2024-25 rose by 2%. Petroleum Production and Consumption Petroleum product output in October 2024 climbed 5.2% year-on-year to 23 MMT, led by diesel, which accounted for 41% of production. Motor spirit (16.8%), aviation turbine fuel (6.6%), and LPG (4.5%) were other key contributors. For April-October FY 2024-25, petroleum production grew by 2.8%. Consumption of petroleum products also rose, reaching 137.6 MMT for April-October FY 2024-25, a 3% year-on-year increase. October 2024 alone saw a 2.9% rise in consumption to 20 MMT, driven by higher demand for motor spirit (7.4%), LPG (6.6%), and aviation turbine fuel (10.2%). LNG Imports and Natural Gas Trends LNG imports surged by 10.5% in October 2024 to 2,932 MMSCM and grew by 22.2% cumulatively for April-October FY 2024-25. Natural gas consumption increased by 4.2% year-on-year in October 2024 to 6,005 MMSCM, with cumulative consumption for April-October FY 2024-25 rising by 11.2%. Meanwhile, gross natural gas production fell by 1.6% in October 2024 to 3,111 MMSCM. Cumulative production for the fiscal year showed marginal growth of 1.1%, totaling 21,271 MMSCM. India’s energy landscape reflects a complex interplay of rising demand, global price fluctuations, and domestic production challenges, underscoring the importance of a balanced import strategy.

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?