News Release Details
Oil import growth touches 5-year low
New Delhi 05-Sep-2007
India's oil import growth touched a five-year low of 5.33% in the first four months of 2007-08 following a rise in rupee value despite a sharp increase in prices of crude oil in the international market. Oil imports, most of which comprise crude, were valued at $19.87 billion between April and July 2007-08 against $18.87 billion for the comparable period of last year.Growth of oil imports in the first four months of 200fr07 was a whopping 43.23%, 32.33% in 2005-06 and 61.90% in 2004-05, according to official figures.Analysts do not agree that consumption of petroleum products would have slowed even when the economy is growing by over 9%. "Domestic production has shown slight increase. Besides, rupee appreciation has made a difference and in value terms, there is a decline in growth," Confederation of Indian Industry Principal Energy Adviser V Raghuraman said. Rupee has appreciated by about 10% in the last 11 months making the landed cost of imports cheaper.With a large refinery and upstream processing capacity, India is importing crude oil not only for meeting the domestic demand of petroleum products but also for export of value-added products. Raghuraman said performance of value-added products would also have an impact on the growth of Crude imports.
New Delhi 05-Sep-2007
India's oil import growth touched a five-year low of 5.33% in the first four months of 2007-08 following a rise in rupee value despite a sharp increase in prices of crude oil in the international market. Oil imports, most of which comprise crude, were valued at $19.87 billion between April and July 2007-08 against $18.87 billion for the comparable period of last year.Growth of oil imports in the first four months of 200fr07 was a whopping 43.23%, 32.33% in 2005-06 and 61.90% in 2004-05, according to official figures.Analysts do not agree that consumption of petroleum products would have slowed even when the economy is growing by over 9%. "Domestic production has shown slight increase. Besides, rupee appreciation has made a difference and in value terms, there is a decline in growth," Confederation of Indian Industry Principal Energy Adviser V Raghuraman said. Rupee has appreciated by about 10% in the last 11 months making the landed cost of imports cheaper.With a large refinery and upstream processing capacity, India is importing crude oil not only for meeting the domestic demand of petroleum products but also for export of value-added products. Raghuraman said performance of value-added products would also have an impact on the growth of Crude imports.