India’s crude oil import bill fell to a third in the first four months of the current fiscal after international oil rates nosedived on demand evaporating due to the outbreak of coronavirus pandemic and ensuing lockdowns, Petroleum Minister Dharmendra Pradhan said.
India spent $12.4 billion on importing 57.2 million tonnes (MT) of crude oil during April-July as opposed to $36.2 billion expenditure on import of 74.9MT in the same period a year back. The basket of crude oil India imports had averaged $64.31 per barrel in January 2020, which fell to $33.36 a barrel in March when the pandemic spread globally.
In April, it plunged to a two-decade low of $19.90 per barrel as lockdowns globally shuttered economic activity, sending demand crashing down.
Pradhan said rates began to recover in May with Indian basket averaging $30.60 per barrel.