Crude import bill down 16% in FY24; dependence increases marginally to 87.7%
India's crude oil import bill decreased by 16% YoY to $132 billion in 2023-24 due to lower oil prices, according to the country's oil ministry data. Domestic crude oil production remained constant, while refined petroleum product imports fell by 13% to $23 billion. Despite a 17% increase in volumes, imports of LNG fell by 22% to $13 billion.
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