India’s crude oil imports fell 29% year-on-year to $63.4 billion in the first half of 2023-24, with a declining trend in the average monthly oil import bill since the September peak of $93.54 per barrel, providing some relief to the exchequer amid ongoing elections and deteriorating geopolitical situation, according to official data. Import volumes rose in the same period.
The average cost of imported oil fell about 20.6% to $82.34 a barrel in the six months to September from $103.68 in the same period last year, according to provisional data by the Petroleum Planning and Analysis Cell.
The monthly average of import prices of crude oil in the current financial year started with $83.76 per barrel in April, then moderated below $75 in May and June. It firmed up again in July ($80.37) and peaked in September ($93.54) before dipping to $90.08 in October. The average price in the first seven days of November was $87.4 a barrel, below the previous month’s average.
India’s gross petroleum imports – crude and products taken together – also fell year-on-year by over 28% in the first half of current financial year to $74.1 billion, compared to $103.2 billion a year ago.