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Crude oil imports up 26.6% in June

Our Bureau

New Delhi , July 24

Oil imports in June rose by 26.6 per cent year-on-year. According to data compiled by the Petroleum Ministry, crude oil imports last month rose to 9.6 million tonnes compared with 7.58 million tonnes in the corresponding previous period.

Total crude oil imports in the first quarter of the current fiscal rose 14.8 per cent to 26.85 million tonnes, it said. Oil product imports in June were up 22.8 per cent at 1.19 million tonnes.

Cumulative oil product imports during the first quarter were up 6.6 per cent at 3.16 million tonnes (2.97 million tonnes).

According to the Ministry, the increase in imports was mainly due to higher imports of naphtha and furnace oil by private and State-run refiners. There was no import of aviation turbine fuel (ATF) in June.

Exports of oil products were up 51.8 per cent at 2.57 million tonnes, thanks to higher export growth seen in aviation fuel, naphtha, diesel and furnace oil.

Cumulative exports during the April-June period were up 32.6 per cent at 5.90 million tonnes.

Consumption of oil products fell by 1.7 per cent in June, mainly due to dip in sales of fuel oil and lubricants, according to data released by the Ministry.

Fuel sales fell to 9.22 million tonnes last month from 9.38 million tonnes earlier due to high opening inventory of petrol and diesel with retail outlets.

Sale of diesel, which accounted for 40 per cent of the total, fell three per cent to 3.28 million tonnes in June. Motor spirit sales were down 1.6 per cent to 709,500 tonnes.

For the April-June period, consumption of oil products was up 4.4 per cent at 29.16 million tonnes.

Reliance Industries Ltd recorded 69 per cent negative growth in diesel in June as a result of persisting with prices higher than those of public sector oil companies.

On a month-on-month basis, the loss in sales was still higher at nearly 80 per cent, the Ministry said. As far as petrol sales are concerned, the drop was 42 per cent compared with May this year.

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