India's crude oil import bill has jumped 40 per cent to Rs 117,032 crore (Rs 1170.32 billion) in 2004-05 on the back of high international oil prices, petroleum secretary S C Tripathi said on Monday.
"Crude oil import bill has risen from Rs 83,528 crore (Rs 835.28 billion) in 2003-04 to Rs 117,032 crore in 2004-05," he said at a Confederation of Indian Industry conference in New Delhi.
The country imported 95.9 million tonnes of crude oil in 2004-05, up from 90.4 million tonnes the previous year.
India also spent Rs 28,386 crore (Rs 283.86 billion) on importing 8.9 million tonnes of petroleum production, a 69.1 per cent jump over Rs 16,781 crore (Rs 167.81 billion) spent on importing 8 million tonnes of products in 2003-04.
Petroleum product export grew 53.7 per cent to Rs 14,950 crore (17.5 million tonnes) in 2004-05 as compared to Rs 9,723 crore {Rs 97.23 billion (14.6 million tonnes)} the previous year, he said.
"We imported 76 per cent of our total crude oil requirement," Tripathi said the net oil import bill (all imports minus exports) was Rs 103,596 crore (Rs 1035.96 billion) in 2004-05 as against Rs 76,470 crore (Rs 764.7 billion) last year.
India's oil consumption grew 3.7 per cent to 111.7 million tonnes in 2004-05. "Oil consumption is likely to grow at 3.7 per cent in Xth Plan Period (2002-07). But EIA has estimated a growth rate of 4 per cent as against the world average of 1.6 per cent," he said.
Tripathi said the government proposes to upgrade the Hydrocarbon Vision 2025 to tune it with current scenario. The policy document was drafted in 1999 and projects demand and growth through 2025.
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