Oil import bill up 52 % to $44.64 bn

The government's oil import bill has risen 52 per cent to $44.64 billion in 2005-06 due to high global oil prices.

The country imported 99.4 million tonnes of crude oil for $38.77 billion (Rs1,71,702 crore) and 11.67 million tonnes of petroleum products for $5.86 billion (Rs 25,575 crore) in 2005-06, according to the latest petroleum ministry data.

In 2004-05, India spent $25.98 billion (Rs1,17,006 crore) on import of 95.86 million tonnes of crude oil and $3.28 billion (Rs 14,930 crore) on import of 10.47 million tonnes of petroleum products.

The country exported 21.50 million tonnes of petroleum products for $10.54 billion (Rs46,785 crore) in 2005-06 as against oil product exports of 17.57 million tonnes worth $6.33 billion (Rs28,474 crore) a year ago.

India's net oil import bill (total imports minus exports) stood at $34.09 billion (Rs1,50,492 crore) in 2005-06 as opposed to a net oil import bill of $22.94 billion (Rs1,03,462 crore) in the previous fiscal. While imports rose, domestic consumption remained almost flat at 111.92 million tonnes.