India reliance on imported crude oil at record high of 87.3% in FY23

RISING DEMAND for fuel and other petroleum products amid flagging domestic crude oil output has resulted in India’s reliance on imported crude increasing to a record 87.3 per cent of domestic consumption in 2022-23, up from 85.5 per cent in 2021-22, according to data released by the oil ministry’s Petroleum Planning & Analysis Cell (PPAC).

India’s oil import dependency was 84.4 per cent in 2020-21, 85 per cent in 2019-20, and 83.8 per cent in 2018-19.

The computation of the extent of import reliance is based on the domestic consumption of petroleum products and excludes petroleum product exports as those volumes don’t represent India’s demand.