India's crude oil imports touch 7-year high at 18.81 MT in August

A general view of crude oil importing port in Qingdao, Shandong province, on November 9, 2008. Image Source: Reuters/Stringer/File Photo

India's crude oil imports touched seven-year high in August as oil companies stepped up purchases to meet galloping domestic fuel demand.

Indian refiners imported 18.81 million tonnes of crude oil in August, 9.1% higher than 17.23 million tonnes imported in the same month a year ago, according to the oil ministry's Petroleum Planning & Analysis Cell.That is the highest monthly crude oil import since April 2009.

India paid Rs 39,030 crore for crude oil imports in August, as opposed to Rs 39,024 crore a year ago.

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Asia's third largest economy is witnessing fastest pace of fuel consumption growth among major economies.

India's fuel consumption rose 11.4% to 15.8 million tonnes in August with petrol demand reaching a record 25% (2.2 million tonnes).

Diesel sales rose to 6.1 million tonnes in August from 5.4 million tonnes a year ago. LPG consumption was up 20% to 1.8 million tonnes. ATF demand also rose by same proportion to 0.6 million tonnes.

Except for naphtha and kerosene, all other products registered positive growth during August.

During the April-August period of the current fiscal, fuel consumption rose 9.3 to 80.4 million tonnes. Petrol demand rose 13.6% while diesel sale was up 6% at 32.1 million tonnes.

The data showed crude oil processing by the refineries during August rising to 20.28 million tonnes from 19.61 million tonnes a year ago.

On cumulative basis, crude oil processed in the fist five months of 2016-17 by refineries was 101.78 million tonnes as against crude oil processing of 94.56 million tonnes in the same period last year.

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