Coal News We love to talk!

AUG 25 2012

India's oil import bill jumps by 43% at Rs 726,386 crore in FY12

  • Economic Times, ET Bureau / Hyderabad
  • Created: Sat 25th AUG 2012

NEW DELHI: Oil import bill surged because ofrupeedepreciation and high rates ofcrude oiland petroleum products in the international market. Quantity of crude oil and fuel product imports increased only marginally by 3.5% at 186.7 million tonne in FY-2012, oil ministry data said.

Consumption and exports of value added products during 2011-12 contributed to higher level ofGDP, Reddy said. India's fuel exports jumped by about 45% at Rs 284,643 crore in FY-2012. "Increase in refining throughput has reduced import dependency on petroleum products," he said.

Reddy elaborated several measures taken by the government to reduce oil import bill. Carving out more areas of exploration for offer under various rounds of new exploration licensing policy (Nelp), coal bed methane policy, application of enhanced oil recovery and improved oil recovery techniques are some of the measures used to enhance domestic oil and gas output.

Import Bill from 2009-10 to 2011-12 (Prov.)

2009-10

2010-11

2011-12 (Prov.)

Quantity

(MMT)

Value

(Rscrore)

Quantity

(MMT)

Value

(Rscrore)

Quantity

(MMT)

Value

(Rscrore)

(A)Crude oil import

159.3

375277

163.6

455276

171.7

672220

(B)Product import

14.7

33800

16.8

52106

15.0

54166

Total Import(A+B)

174.0

409077

180.4

507382

186.7

726386

(C)Total product Export

51.0

144229

59.1

196862

60.8

284643

Net Import (A+B) - (C)

123.0

264848

121.3

310520

125.9

441743

Tags

Oil New Exploration Licensing Policy Import

Related News