Domestic crude output down 1.7% in 2022-23, consumption of petro products up 10.2%

Domestic crude oil production fell 1.7% in 2022-23 over the previous year while the consumption of petroleum products rose 10.2% in the same period, the oil ministry data showed.

Crude production fell 2.8% year-on-year in March. India’s crude import bill expanded to $158 billion in 2022-23 from $121 billion in the previous year. In volume terms, crude imports increased by 9.4% to 232.4 million metric tonnes in 2022-23. The country's import dependency rose to 87.3% in 2022-23 from 85.5% in the previous year.

Domestic refiners processed 3% more crude in March than they did in the same month last year. The quantum of crude processed rose 5.6% for the full year.

Production of petroleum products grew 4.8% during 2022-23 and their imports increased by 11.7% in the same period. Exports of petroleum products fell 4.1% during the year.

The consumption of petroleum products grew 10.2% in 2022-23, led by 13.4% growth in petrol, 12% in diesel, and 47% in aviation turbine fuel. The consumption of petroleum products rose 5% in March.

Production of natural gas rose 2.4% in March and 1.3% in the year 2022-23.