India’s crude oil consumption jumps to 4.6% in FY24, output stands at 0.6%, imports unchanged

In fiscal year 2023–24 (FY24), India’s overall consumption of crude oil and petroleum products increased by 4.6 8% to 233.3 million metric tons (MMT), but domestic crude oil output increased very little, by 0.6%. Compared to 29.2 MMT in the same period last year, the domestic crude oil production in 2023–2024 remained essentially similar at 29.4 MMT.

India imported 232.5 million tonnes of crude oil, which is refined into fuels like gasoline and diesel, during the 2023–24 fiscal year (April 2023–March 2024), nearly the same amount as the previous fiscal year, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.

Apart from LPG, lubes, bitumen, petcoke, and LDO, the growth in oil consumption during the previous fiscal year was led by 6.4% growth in motor spirit (MS), or petrol, 4.4% growth in high speed diesel (HSD), 11.8% growth in aviation turbine fuel (ATF), and 14.3% growth in naptha usage.

Despite having insufficient crude oil production, the nation has an excess of refining capacity, which allows it to export petroleum products like diesel. According to PPAC data, the production of petroleum products in 2023–24 was 276.1 million tonnes, compared to the consumption of 233.3 million tonnes.