Government’s shocking report on oil, such figures seen after 18 months

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Crude oil

Crude oil and India remain very important on the world map. About 3 years ago, no one thought that after the ban on Russia, India would become a big source of crude oil for those countries who were buying crude oil from Putin’s country. Especially for Europe. After that, Russian oil stake in Indian baskets has come to about 40 percent. Now the government has presented some surprising figures, which are on crude oil. In the month of July, there has been a decline of more than 9 percent in the month of crude oil and more than 4 percent on an annual basis. Surprisingly, after February 2024, India has done the lowest import of crude oil. Let us also tell you what kind of figures have been presented by the government.

Government’s shocking figures

  1. According to the government data released on Monday, India’s crude oil imports in July fell by 8.7 per cent to 18.56 million metric tons in July, the lowest level since February 2024.
  2. India is the third largest oil importer and consumer in the world, making this figure a major indicator of the country’s oil demand.
  3. According to data from Petroleum Planning and Analysis Sale, on an annual basis, crude oil import in July 2024 was reduced by 4.3 percent from 19.40 million tonnes.
  4. Meanwhile, in July, the import of crude oil products declined by about 12.8 per cent to 4.31 million tonnes on an annual basis.
  5. There is a lot of disappointment on the export front. India’s petrol product exports decreased by 2.1 percent to 5.02 million tonnes.
  6. According to data released by the Ministry of Oil, India’s fuel consumption in July fell 4.3 per cent to 19.43 million tonnes on a monthly basis.

Has imposed 25 percent extra tariff

Indian goods may be charged an additional US fee from August 27 to 50 per cent from August 27. Washington has already imposed 25 per cent duty on imported goods from India, which is more than the duty imposed on many other major trading partners. These additional fees are being levied by India on the purchase of Russian oil. On Friday, Trade Minister Piyush Goyal said that India will consider its future business relations with America with “very open minds”. This is said when the US is going to impose additional heavy duty on imports from India.

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