India’s net oil and gas imports in value terms for April-October of 2023-24 (FY24) declined by nearly a fourth on a year-on-year basis to $68 billion due to relatively subdued prices of crude oil, natural gas, and petroleum products globally, latest government data shows.
This decline in the value of oil and gas imports came despite a rise in import volumes, suggesting that the fall in prices was significant enough to offset the volume growth. In the first seven months of the previous financial year—FY23—the country’s net oil and gas import bill was $90.1 billion.
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