Crude oil imports rise by over 8% in July

Written by Agencies | New Delhi, August 28: | Updated: Aug 28 2008, 19:39pm hrs
India's crude oil imports soared over eight per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.

The country imported 11.84 million tons of crude oil last month, up from 10.89 million tons in the same month a year ago, according to the latest data available from the Petroleum Ministry in New Delhi.

Fuel consumption rose 7.8 per cent to 9.92 million tons with diesel demand at 4.07 million tons - showing a growth of 10.3 per cent.

The hike in retail prices of domestic LPG seemed to have had a sobering affect on its consumption that saw a modest 2.5 per cent rise to 978,600 tons. Petrol consumption grew 6.3 per cent to 913,100 tons.

Petroleum product imports dipped 21.6 per cent to 1.51 million tons with LPG being the most imported commodity.

Exports continued to record negative growth due to domestic requirement of products. Shipments dropped 11.2 per cent in July to 3.17 million tons, of which diesel was the single largest commodity exported at 1.15 million tons.

Crude oil imports in April-July was up 3.8 per cent at 43.4 million tons while fuel consumption grew 4.9 per cent to 44.3 million tons. Diesel demand soared 11 per cent to 17.44 million tons. LPG consumption was up 6.2 per cent to 3.89 million tons and petrol by 7.4 per cent at 3.711 million tons.

Oil product imports were almost unchanged at 7.24 million tons in the period that saw a 12.6 per cent drop in outward shipments at 11.73 million tons.

Diesel exports were down almost six per cent at 4.27 million tons.