India’s petroleum products exports may be marginally outpacing the overall outward shipments, but imports of these items are rising at a faster rate. As a result, the country’s self-sufficiency in oil products has been witnessing a decline from 14.5% in 2011-12 to 12.6% in 2022-23, and further to 12.3% in April-February this fiscal, according to data from the government’s Petroleum Planning and Analysis Cell.
India is already a huge net importer of crude oil, and import reliance for this primary source of energy has only risen in recent years.
The country imported 43.8 million tonnes of petroleum products in Apr-Feb period, up 9% from the year last year. The imports were valued at $21.2 billion.
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