Crude import falls 36%
India’s crude oil imports fell in July to their lowest since March 2010 as fuel demand slowed.
Crude oil imports last month slumped about 36.4 per cent from a year earlier to 12.34 million tonnes, or 2.92 million barrels per day, data from the Petroleum Planning and Analysis Cell (PPAC) of the ministry of petroleum & natural gas showed.
The lower import marked a fourth straight monthly decline. Fuel demand in the world’s third-biggest oil importer and consumer also fell, posting a fifth consecutive year-on-year drop.
Analysts said state-run refiners, which control around 65 per cent of the refining capacity, have been forced to run at around 75 per cent of their capacity during the nationwide lockdown. Monsoon in several parts of the country also eroded some demand.
