Thanks to high global crude oil prices during the year, India's crude oil import bill for the first-nine months of the current fiscal 2011-12 has shot up by 49% to Rs 469,993 crore, even as the quantum of crude oil imports during the same period went up by just 3%.
According to the official figures, the import of crude oil during April-December 2011 was 125.6 million tonnes (mt) valued at Rs 469,993 crore as against imports of 121.5 mt, valued at Rs 3,16,443 crore, during the same period last year.
"There was thus an increase of 3.4% in quantity terms and 48.5% in value terms during 2011-12 (upto December, 2011) over the same period in the preceding year," the official data of the ministry said.
Crude oil prices continue to remain above the $100 a barrel mark and are currently hovering at $116 a barrel .
During the April-December period, India's production of petroleum products from crude oil and natural gas was 152.116 mt, 4.9% higher than that produced during the same period in 2010-11.
The consumption of petroleum products during the same period was 109.497 mt, which is 4.5% higher than that consumed during the same period in 2010-11.
The quantity of petroleum products imported during 2011-12 (up to December, 2011) was 11.3 mmt valued at Rs 35,131 crore. During the same period in 2010-11, import of these products were 12.9 mmt valued at
Rs 39,275 crore. Hence, during 2011-12 (upto December, 2011), import of petroleum products decreased by 13% in terms of quantity and 10.5% in terms of value, as compared to the same period during the previous year.
However, exports of petroleum products during the first nine months of the fiscal from India saw a 6.7% jump in quantity and 50% jump in value.
During 2011-12 , a total of 46.2 mt of petroleum products, valued at Rs 199,932 crore were exported as against export of 43.3 mt of products (valued at Rs 133,236 crore) during the corresponding period of the last fiscal.