India's domestic consumption of petroleum products in FY24 rose 4.6 per cent year-on-year to a record 233.3 million tonnes, underscoring robust demand, particularly for transportation fuels petrol and diesel. Domestic crude oil output for the year rose 0.7 per cent to 29.4 million tonnes.
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. 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 per cent from 87.4 per cent 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-19 pandemic. India's oil import dependency was 85.5 per cent in FY22, 84.4 per cent in FY21, 85 per cent in FY20, and 83.8 per cent in FY19.
