Steep decline in global prices have helped India reduce its oil and gas import bill in 2019-2020, providing relief to the government at a time the Covid-19 pandemic has impacted economic activity.
The decline in global commodity prices have helped the country increase imports of petroleum products and Liquefied Natural Gas (LNG) in 2019-2020 without inflating the import bill, data published by oil ministry’s statistical arm PPAC and the commerce ministry showed.
India’s oil imports, including petroleum products, decreased 8.15 per cent to $129 billion in 2019-2020, as compared to the year ago period. In volume, oil imports increased four per cent to 270 Million Tonne (MT).
The country’s import of LNG spiked 17 per cent to 33,680 Million Standard Cubic Meter (MMSCM) in 2019-2020. In value terms, however, imports declined 7.76 per cent to $9.5 billion.