India's reliance on oil imports hits fresh full-year high in FY24
Financial Express Mumbai|April 17, 2024
INDIA'S RELIANCE ON imported crude to meet its domestic demand hit a fresh all-time high for the full financial year 2023-24 (FY24) due to growing demand for fuel and other petroleum products amid flagging domestic oil production.
SUKALP SHARMA

As per latest data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC), India's oil import dependency for FY24 climbed to 87.7% from 87.4% in FY23.

Given India's rapidly rising energy demand, reliance on oil imports has been rising continuously over the past few years, except for FY21, when demand was suppressed due to the Covid pandemic. India's oil import dependency was 85.5% in FY22, 84.4% in FY21, 85% in FY20, and 83.8% in FY19.

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