FY24 crude import bill falls 16% on Russia discount

DESPITE THE VOLUME remaining largely unchanged, India's crude oil import bill for 2023-24 declined 16% year-on-year to $132.4 billion, primarily because of discounts offered by Russia on its supplies, recent data from the Petroleum Planning and Analysis Cell showed.

- ARUNIMA BHARADWAJ

In FY23, the crude oil import bill stood at $157.5 billion.

Russia has emerged as the top supplier of crude to India after the Russia-Ukraine war began. Following sanctions from the West, Russia started offering discounts on its oil supplies.

However, the quantum of discount has fallen from more than $30 a barrel to $5-6 per barrel at present, according to analysts.

India imported 232.5 million tonne of crude oil in FY24, marginally down from 232.7 MT in FY23.