India's oil import bill jumps to $43 bn
India's oil import bill has swelled to $43 billion in 2005-06 fiscal on the back of high global oil prices.india Updated: Apr 07, 2006 15:16 IST
Energy-hungry India's oil import bill has swelled to $43 billion in 2005-06 fiscal on the back of high global oil prices, Commerce Minister Kamal Nath said on Friday.
India imports some 73 per cent of its crude oil requirement and also sources petroleum products like LPG from abroad.
Presenting the annual supplement to the Foreign Trade Policy, Nath said: "Our imports have grown 32 per cent and stand at $140 billion, but $43 billion is our oil bill."
India's oil import bill in 2004-05 was close to $29 billion, with about $25 billion spent on import of crude oil alone.
During the first 10-months of 2005-06 fiscal, India spent $31.2 billion on crude oil import and another $4.176 billion on importing petroleum products. It earned $8.27 billion from exporting petroleum products.
Crude oil imports jumped 3.4 per cent to 90.34 million tonnes in April-February from 87.37 million tonnes in the same period of the previous year. Product exports rose 34.1 per cent to 10.22 million tonnes, while exports were up 20 per cent to 19.389 million tonnes.