• UGI USER
  • Apr 17, 2024
  • 16 Likes
  • 0 Comments

INDIA’S RELIANCE ON OIL IMPORTS HITS FRESH FULL-YEAR HIGH IN FY24

Why in the news?

India’s escalating dependence on imported crude oil, reaching a record high in FY24, impacts economy and government initiatives.

source:IE

About the Increasing Reliance on Oil Imports:

  • India’s dependence on imported crude oil reached a new peak in the fiscal year 2023-24 (FY24) due to rising demand for fuel and petroleum products amidst declining domestic oil production.
  • Petroleum Planning & Analysis Cell (PPAC) data indicates that India’s oil import dependency rose to 87.7% in FY24 from 87.4% in FY23.
  • Despite efforts to reduce dependency, India’s reliance on oil imports has been steadily increasing over recent years, except for a dip in FY21 due to the COVID-19 pandemic.
What is the Petroleum Planning & Analysis Cell (PPAC) ?

  • PPAC is the data backbone of the Union Ministry of Petroleum and Natural Gas.
  • Inaugurated on April 3, 2002, it recently celebrated its 22nd foundation day.
  • PPAC maintains a reliable database on India’s oil and gas sector.
  • It’s an attached office of the Ministry of Petroleum & Natural Gas.
  • PPAC is the official source for data and policy analysis on the hydrocarbon sector.

Source: https://indianexpress.com/article/business/commodities/indias-reliance-on-oil-imports-hits-fresh-full-year-high-in-fy24-9274404/#:~:text=As%20per%20latest%20data%20from,87.4%20per%20cent%20in%20FY23.