The Strategist

Value of India's crude oil imports exceeds $100bn this year

02/28/2022 - 09:24

India's overall crude oil purchase cost for the current fiscal year (ending March 31) is expected to be more than $100 billion, nearly double the previous fiscal year's figure.

James St. John
James St. John
The Press Trust of India news agency reported this on Sunday, citing statistics from the Petroleum Planning & Analysis Cell (PPAC), an Indian Ministry of Petroleum and Natural Gas think tank.

This increase in import prices, according to the data, is related to worldwide oil prices trading at seven-year highs. India spent $94.3 billion in the first ten months of the current fiscal year alone, according to PPAC (which began on April 1, 2021). When oil prices began to rise in January, India spent $11.6 billion, compared to $7.7 billion in the previous month.

According to the agency, oil prices topped $100 per barrel in February, and India, which imports 85 percent of its oil, is forecast to nearly treble its import bill to $110 billion to $115 billion by the end of fiscal year 2021-2022.

In the prior fiscal year 2020-2021, India paid $62.2 billion on crude oil imports totaling 196.5 million tonnes, when global oil prices stayed low owing to the COVID-19 epidemic. This year, the country has imported 175.9 million tonnes of crude oil.

During the pre-pandemic period of fiscal 2019-2020, India spent $101.4 billion on crude oil imports totaling 227 million tonnes.