Import value of petroleum products in India FY 2011-2023

India's imports of petroleum, crude oil, and its products were estimated to be over 16 trillion Indian rupees in the financial year 2023. These imports represented an increase compared to the previous year, and the highest figures reported in the South Asian countries during the period under consideration. 

Petroleum imports in India

India is one of the largest oil importers and is highly dependent on imported crude oil. In fiscal year 2023, petroleum, oil, and petroleum products constituted around 30 percent of the major imports in India, and the import volume of petroleum products was estimated to be about 32 million metric tons. During the same period, the volume of crude oil imported into the country stood at around 172.39 million metric tons.

Global oil companies

India's substantial petroleum imports directly influence the nation's consumption patterns. The import volume reflects the critical role petroleum and its products play in meeting the country's energy demands. The consumption volume of petroleum products in the country amounted to around 164 million metric tons in fiscal year 2023.