The statistical data released by Petroleum Ministry interpreted that the Indian oil import stood at 54.6 million tons in April-August` 2008 amounting to the Rs 1,976.2 billion as against of 51.9 million tons which imported for Rs 1,015.09 billion in the same period a year ago, reports Business Standard.
The basket of crude oil India buys averaged USD 70.25 per barrel in 2007-08. This year it has averaged USD 114.23 a barrel. The nation also imported 8.6 million tons of petroleum products mainly LPG for Rs 368.44 billion in April-August. In previous year, the country had imported 9.1 million tons of products for Rs 213.07 billion, it stated.
India`s fuel exports mostly diesel, petrol and jet fuel were down 10.2% to 15 million tons in the period from 16.7 million tons a year ago. Exports fetched Rs 648.37 billion this fiscal as against Rs 416.36 billion the previous year.
Exports were down as refiners fed soaring domestic demand. Diesel demand in the country grew 10.7% to 21.07 million tons in April-August and comprised more than one-third of the total fuel consumed in Asia`s third largest economy.
Net imports (crude oil imports plus product imports minus exports) in April-August stood at Rs 1,696.27 billion as opposed to Rs 811.80 billion last year.
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