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Crude oil imports rise by over 8 pc in July
Thu-Aug 28, 2008
New Delhi / Press Trust of India
India's crude oil imports soared over eight percent 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 tons of crude oil last month, up from 10.89 million tons in the same month a year ago, according to the latest data available from the Petroleum Ministry in the capital.
Fuel consumption rose 7.8 percent to 9.92 million tons with diesel demand at 4.07 million tons - showing a growth of 10.3 percent.
The hike in retail prices of domestic LPG seemed to have had a sobering affect on its consumption that saw a modest 2.5 percent rise to 978,600 tons. Petrol consumption grew 6.3 percent to 913,100 tons.
Petroleum product imports dipped 21.6 percent to 1.51 million tons with LPG being the most imported commodity.
Exports continued to record negative growth due to domestic requirement of products. Shipments dropped 11.2 percent in July to 3.17 million tons, of which diesel was the single largest commodity exported at 1.15 million tons.
Crude oil imports in April-July was up 3.8 percent at 43.4 million tons while fuel consumption grew 4.9 percent to 44.3 million tons. Diesel demand soared 11 percent to 17.44 million tons. LPG consumption was up 6.2 percent to 3.89 million tons and petrol by 7.4 percent at 3.711 million tons.
Oil product imports were almost unchanged at 7.24 million tons in the period that saw a 12.6 per cent drop in outward shipments at 11.73 million tons.
Diesel exports were down almost six per cent at 4.27 million tons.
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