India imported 232.5 million tonnes of crude oil, which is refined into fuels like petrol and diesel, in the 2023-24 fiscal (April 2023 to March 2024), almost the same as in the previous financial year. But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and Analysis Cell (PPAC) data showed.
The world's third-largest oil-importing and consuming nation has been able to add to its domestic production drop, raising its import dependence.
Import dependence of crude oil soared to 87.7 per cent in 2023-24, up from 87.4 per cent, according to PPAC.
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