Oil import bill swells 52% to $44.64bn

India's oil import bill has swelled 52% to $ 44.64 billion in 2005-06 on the back of high global oil prices.

According to latest petroleum ministry data, the country imported 99.4 million tonnes of crude oil for $38.77 billion and 11.67 million tonnes of petroleum products for $5.86 billion in 2005-06.

In 2004-05, India spent $25.98 billion on import of 95.86 million tonnes of crude oil and $3.28 billion on import of 10.47 million tonnes of petroleum products.

The country exported 21.50 million tonnes of petroleum products for $10.54 billion in 2005-06 as against oil product exports of 17.57 million tonnes worth $ 6.33 billion a year ago.

India's net oil import bill (total imports minus exports) stood at $ 34.09 billion (Rs 150,492 crore) in 2005-06 as opposed to a net oil import bill of $ 22.94 billion in the previous fiscal.

While imports rose, domestic consumption remained almost flat at 111.92 million tonnes. The country consumed 111.634 million tonnes oil products in 2004-05 fiscal.

Demand for diesel, the mainstay fuel, grew 1.3% to 40.15 million tonnes while that for industrial fuels like naphtha and LDO fell, the data showed.

LPG demand was up 0.6% to 10.3 million tonnes and petrol consumption rose 4.8% to 8.64 million tonnes.