India's crude oil import bill jumps 40%

India's crude oil import bill has jumped 40% to Rs 117,032 crore in 2004-05 on the back of high international oil prices, petroleum secretary S C Tripathi said today.

"Crude oil import bill has risen from Rs 83,528 crore in 2003-04 to Rs 117,032 crore in 2004-05," he said at a CII conference.

The country imported 95.9 million tonnes of crude oil in 2004-05, up from 90.4 million tonnes the previuos year.

India also spent Rs 28,386 crore on importing 8.9 million tonnes of petroleum production, a 69.1% jump over Rs 16,781 crore spent on importing 8 million tonnes of products in 2003-04.

Petroleum product export grew 53.7% to Rs 14,950 crore (17.5 million tonnes) in 2004-05 as compared to Rs 9,723 crore (14.6 million tonnes) the previous year, he said.

"We imported 76% of our total crude oil requirement," Tripathi said adding that the net oil import bill (all imports minus exports) was Rs 103,596 crore in 2004-05 as against Rs 76,470 crore last year.

India's oil consumption grew 3.7% to 111.7 million tonnes in 2004-05. "Oil consumption is likely to grow at 3.7% in 10th plan period (2002-07). But EAI has estimated a growth rate of 4% as against the world average of 1.6%," he said.

Tripathi said the government proposes to upgrade the hydrocarbon vision 2025 to tune it with current scenario. The policy document was drafted in 1999 and projects demand and growth through 2025.