FY16 crude oil import bill halved to $64 billion

India’s crude oil import bill nearly halved to $64 billion in 2015-16 fiscal as global oil prices slumped to multi-year lows.

India imported 202.1 million tonnes of crude oil in the fiscal year that ended March 31, for $64.4 billion, according to latest data available from Petroleum Ministry. This compared to import of 189.4 million tonnes of crude oil for $112.7 billion in the previous 2014-15 fiscal. In rupee term, import of crude oil, which on processing converts into fuel like petrol and diesel, was Rs 4,18,931 crore in 2015-16, down from Rs 6,87,416 crore a year ago. While the basket of crude oil India imports averaged $84.16 per barrel in 2014-15, it cost only $46.17 a barrel in FY16. Indian basket averaged $105.52 per barrel in 2013-14. Domestic crude oil production was marginally lower at 36.9 million tonnes in 2015-16 from 37.5 million tonnes in the previous financial year. Consumption however fuel consumption at 183.5 million tonnes, registered a growth of 10.9 per cent, the highest in 15-years.