India saved over Rs 30,000 cr despite rising petro product imports in FY21

Analyst expect trend to continue this fiscal

India has saved over Rs 30,000 crore despite a firming up of petroleum product imports largely due to a fall in international hydrocarbon prices during 2020-21. According to official data, the country imported finished petroleum products worth Rs 1,50,176.31 crore from April 2020 to February 2021. The value of finished petroleum product imports during the same period of 2019-20 stood at Rs 1,81,681.69 crore. It is expected that this saving will only grow as the data for March 2021 is released.

While India has a robust crude oil refining and natural gas processing capacity, it regularly imports finished products. These largely