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India's crude oil import jumps 10.5% in Oct, hits highest level in 7 years

Imports rose as many refiners resumed purchases after maintenance of units


Crude, crude oil, oil

India's imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the ministry showed on Tuesday.

Crude imports in October climbed 10.5 per cent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011.

Imports rose as many refiners resumed purchases after maintenance of units.

In October, India's imports from Africa surged to more than a three-year high.

In India, the world's third-largest consumer, oil imports typically rise from October due to higher fuel demand in the festival season and as industrial activity picks up after months of monsoon rains.

India is among the eight countries to have received a waiver from the United States to continue imports from Iran without penalty after sanctions were reimposed on Tehran.

India's oil imports from Iran fell by about 12 per cent to about 466,000 bpd in October. The country's overall purchases from Iran in the April-October period, the first seven months of the current fiscal year, rose 34 per cent.

Meanwhile, imports of oil products declined nearly 20 per cent and exports fell more than 4 per cent, the data showed.

First Published: Wed, November 21 2018. 05:31 IST