Significant rise in oil imports
- Crude oil imports have grown at a CAGR of 5.34 per cent from 2000-01 to 2022-23. Imports have surpassed pre-pandemic levels, constituting 87 per cent of the country’s total imports (on a petroleum consumption basis).
- Crude oil prices have been fluctuating over the past two decades, in line with global prices. Prices averaged at $62.21 per barrel during 2015-16 to 2022-23, against an average of $90.90 per barrel during the previous eight-year period.
High refining capacity utilisation rates
- Crude oil refineries have registered high utilisation rates, which now stand at over 100 per cent, owing to a fuel demand surge in the domestic and overseas markets.