Oil Import Bill Set To Surge

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New Delhi, Aug 19: With global crude oil prices on the rise, India’s net oil import bill is expected to rise to $27 billion by the end of this fiscal. The net oil import bill stood at $16.8 billion in 2003-04.

According to the country’s largest crude oil importer and refiner, Indian Oil Corporation (IOC), India’s crude oil imports may go up to 100 million tonnes in 2004-05 from 90.4 million tonnes in the previous year. There has already been a $10 per barrel increase in international crude prices from the average import cost of $28.22 a barrel in the previous year.

Oil imports, during the period April-July (2004-05) are valued at $9.9 billion, which is almost 62 per cent higher than oil imports in the corresponding period last year. Oil imports during the same period last fiscal stood at $6.12 billion.

According to the Chairman IOC, MS Ramachandran, “The country’s exports of petroleum products may rise to 16 million tonnes in 2004-05 from 14.6 million tonnes the previous year”.

In the first three months of the current fiscal, the net oil import bill (imports minus exports) has jumped by 51 per cent to Rs 27,135 crore. India imported 25.784 million tonnes of crude oil, up 13 per cent over the previous year, for Rs 29,551 crore.

During the period, April-June 2004-05, petroleum product imports touched 1.4 mt valued at Rs 2,798 crores. This is 65 per cent more than product imports during the same period last fiscal.

India imports almost 69 per cent of its crude oil requirements. During 2003-04, India spent $18.36 billion (Rs 84,236 crore) on importing 90.439 million tonnes of crude oil. Besides, 7.85 million tonnes of petroleum products (mainly LPG) was imported at $2.06 billion (Rs 9,485 crore).

The country exported 14.252 million tonnes of petroleum products including 6.18 million tonnes of diesel, for $3.56 billion (Rs 16,317 crore) during 2003-04. The net import bill was around $16.8 during 2003-04.

In 2004-05, exports are expected to cross 16 million tonnes. Official sources said product exports are already up by 15.3 per cent to 3.633 million tonnes (Rs 5,214 crore) in April-June this year.