Crude Oil Imports Up By 39 Per Cent
The countrys gross imports of crude oil and petroleum products during 1996-97 registered a staggering increase of 39 per cent in value terms over the previous year. In 1995-96, these imports had moved up by 35 per cent and in 1994-95, by a mere 0.6 per cent over the preceding corresponding years.
The figures compiled by the Oil Coordination Committee (OCC) show that the countrys oil import bill during 1996-97 stood at Rs 33,380 crore as against Rs 24,095 crore in 1995-96, Rs 17,838 crore in 1994-95 and Rs 17,730 crore in 1993-94. In volume terms, the increase in imports was less striking. The quantity of oil imports in 1996-97 increased by 12.05 per cent over 1995-96. Imports went up from 476,77,000 tonnes in 1995-96 to 534,24,000 tonnes in 1996-97.
Exports of petroleum products, on the other hand, declined by 6.65 per cent in 1996-97 in value terms compared with the previous year. It stood at Rs 1,832 crore in 1996-95 and Rs 1,710 crore in 1996-97.
In volume terms, the decline in exports was more pronounced. It slid by 22.64 per cent in 1996-97 to 26,57,000 tonnes compared with the previous period. Exports stood at 34,35,000 tonnes in 1996-95. According to the OCC figures, net imports of crude oil and petroleum products during 1996-97 went up by 42.25 per cent in value terms over 1995-96. Net imports during 1995-96 were of the orders of Rs 22,263 crore.
It rose to Rs 31,670 crore in 1996-97.
In volume terms, net imports increased from 442,42,000 tonnes in 1995-96 to 507,67,000 tonnes in 1996-97.