Oil import bill up 15.9% in 2003-04

India's oil import bill surged 15.9 per cent in 2003-04 from $ 17,581 million to $ 20,379 million on increased demand for petroleum products and enhanced refining capacity in the country.

However, because of the appreciation of the rupee vis-à-vis the dollar, the increase in the oil import bill in rupee terms was lower at 10 per cent, from Rs 85,042 crore to Rs 93,534 crore.

According to the latest figures for 2003-04 compiled by the petroleum ministry, crude oil imports jumped 16.1 per cent from $ 15,759 million to $ 18,298 million and product imports moved up 14.2 per cent from $ 1,822 million to $ 2,081 million.

In rupee terms, crude oil imports in 2003-04 moved up 10.2 per cent from Rs 76,195 crore to Rs 83,951 crore and product imports went up 8.3 per cent from Rs 8,847 crore to Rs 9,583 crore.

The biggest jump of 48.4 per cent was recorded by liquefied petroleum gas (LPG) whose imports moved up from $ 388 million to $ 576 million. kerosene imports moved up by 15.1 per cent from $ 166 million to $ 191 million.

Incidentally, diesel imports declined by 1.2 per cent because of higher domestic refining capacity. Naphtha imports came down by 16.3 per cent and fuel oil imports by 24.5 per cent.