India's oil import dependency on course to hit fresh full-year high in FY25 amid growing demand, stagnant domestic production

Growing demand for fuel and other petroleum products amid stagnant domestic crude oil output led India’s reliance on imported crude oil to increase to over 88 per cent in the first 11 months of the current financial year ending March (FY25), indicating that the import dependency for the full financial year could breach the all-time-high level of the last financial year.

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The latest data released by the oil ministry's Petroleum Planning & Analysis 1Cell (PPAC) shows that India’s oil import dependency was 88.2 per cent in April-February, up from 87.7 per cent in the corresponding period of the last financial year (FY24). For the full FY24, reliance on imported oil was 87.8 per cent. Industry watchers believe that the import dependency level for the entire FY25 could be a tad higher than the April-February level, as was the case in the previous financial year.