India's oil import bill could rise to $101-104 billion in FY25, says ICRA report
Also read: India's oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier According to an ICRA report based on data from the ministry of commerce and industry, the value of India's oil imports fell by 15.2% year-on-year to $162.4 billion during April-February of FY24. This decrease could be attributed to a combination of factors, including a reduction in international crude oil prices and savings from the purchase of discounted Russian crude oil.
After Russia invaded Ukraine in February 2022, Western countries cut Russian oil imports and imposed a limit on the amount of revenue Moscow could earn from selling oil elsewhere. However, India's imports of crude petroleum from Russia rose sharply.
In terms of volume, Russia's share in India's oil imports rose significantly from 2% in FY22 to 21.5% in FY23 and 36.1% in the first 11 months of FY24. In contrast, the share of crude petroleum imports from West Asia decreased from 34% in FY22 to 30.9% in FY23 and 23.3% in the first 11 months of FY24, the ICRA report said.
The share of imports from other regions such as Africa and America remained relatively stable in the first 11 months of FY24 compared to FY23, it added. Also read: India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC In terms of value, Russia's share in India's crude oil imports rose sharply from 2% in FY22 ($2.5 billion) to 19.3% in FY23 ($31.3 billion) and 33.3% in the first 11 months of FY24 ($42.3 billion).
The share of imports from West Asian countries declined from 35.2% in FY22 ($43.2 billion) to 33.2% in FY23 ($53.8 billion) and 25.5% the first 11 months of FY24 ($32.4 billion). Export volumes of petroleum products in India surged
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