NEW DELHI: India’s crude oil import bill fell 9% to $102 billion in 2019-20 though volume remained little changed as prices crashed towards the end of the year.
Natural gas import bill shrank nearly 8% to $9.5 billion as global prices fell, although in volume terms, imports rose 17% to 33.7 billion cubic meters in 2019-20, according to the official data. Imports rose to fill the gap left by a 5.2% decline in domestic output and a similar rise in local gas consumption. Imports now make up 52.7% of total gas consumption, up from 47.3% in 2018-19.
Import dependence in oil has risen to 85% from 83.8% in 2018-19 as domestic output continues to decline despite policy measures to lift production.
