Categories: Business

India July crude import fall to lowest in over a decade

Photo: GOOGLE

India July crude import fall

new Delhi. In the month of July, India's crude oil imports have reached a low level for more than 10 years. According to the data released by the government, crude oil imports in the month of July fell by more than 36.4 percent over the previous year to 12 million tonnes i.e. 29.2 lakh barrels per day. According to Reuters, this level is the lowest level since March 2010.

According to the report, the new ban imposed due to Corona virus has affected imports due to drop in demand and closure of refinery for maintenance. This has been the fourth consecutive month with July when imports have seen a decline. India is the third largest crude oil importing country in the world, although demand has been falling due to the ongoing lockdown since March, which has had a direct impact on crude oil imports. According to the recently released figures, fuel consumption in July was down 11.7 percent over the previous year. At the same time, it has seen a decline of 3.5 percent as compared to June. Diesel consumption during this period has fallen by more than 19 per cent over the previous year. Petrol demand fell by 10 per cent during July.

At the same time, according to the report, the import of defined fuel oil has seen a record increase during July. On the other hand, refined product exports have fallen 22.7 per cent to a low since April 2018. India imports and exports refined fuel both.

This post was published on August 21, 2020 12:14 am

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