The Indian oil budget grows by 27% this fiscal year

03 Feb 2023 CW Team

According to a budget document, Indian state-run oil companies will spend 1.06 trillion Indian rupees ($12.95 billion) in the next fiscal year beginning in April, a 27% increase over the revised estimates for this year.

India, the world's third-largest importer and consumer of oil, wants to tap into its hydrocarbon reserves to reduce its reliance on costly imports. Over 80% of India's oil requirements are imported.

To meet the country's growing fuel demand, state refiners in Asia's third-largest economy are also expanding their refining and fuel retailing capacities.

According to the budget documents, nearly half of total expenditure will go toward refinery expansion and upgrade, with the remaining 44% going toward hydrocarbon exploration and production.

The federal government would also provide Rs 300 billion in support to oil refineries and marketing firms for emission-cutting projects.

The table below shows state-run oil companies' planned expenditure in billion rupees for the fiscal year ending March 31, 2024.

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