Crude oil imports rise by over 8% in July

India's crude oil imports soared over eight per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.     

The country imported 11.84 million tonnes of crude oil last month, up from 10.89 million tonnes in the same month a year ago, according to the latest data available from the Petroleum Ministry here.     

Fuel consumption rose 7.8 per cent to 9.92 million tonnes with diesel demand at 4.07 million tonnes — showing a growth of 10.3 per cent.     

The hike in retail prices of domestic LPG seemed to have had a sobering affect on its consumption that saw a modest 2.5 per cent rise to 978,600 tonnes.

Petrol consumption grew 6.3 per cent to 913,100 tonnes.     

Petroleum product imports dipped 21.6 per cent to 1.51 million tonnes with LPG being the most imported commodity.     

Exports continued to record negative growth due to domestic requirement of products. Shipments dropped 11.2 per cent in July to 3.17 million tonnes, of which diesel was the single largest commodity exported at 1.15 million tonnes.     

Crude oil imports in April-July was up 3.8 per cent at 43.4 million tonnes while fuel consumption grew 4.9 per cent to 44.3 million tonnes.

Diesel demand soared 11 per cent to 17.44 million tonnes.

LPG consumption was up 6.2 per cent to 3.89 million tonnes and petrol by 7.4 per cent at 3.711 million tonnes.     

Oil product imports were almost unchanged at 7.24 million tonnes in the period that saw a 12.6 per cent drop in outward shipments at 11.73 million tonnes.     

Diesel exports were down almost six per cent at 4.27 million tonnes.