The country’s crude oil imports rose by 4.2% to 242.4 million tonne (MT) in FY25, according to the government data. The data also showed that India’s crude oil import dependency increased slightly from 88.6% in March 2024 to 89.1% in March 2025.
In FY24, the country imported 232.7 MT, reflecting an increase of 9.7 MT. The import bill of crude and petroleum products increased from $156.3 billion in FY24 to $161 billion in FY25
Gas imports saw an increase of 15.4% in the financial year ending March 2025, with total imports reaching 36,699 million standard cubic meters (MMSCM), compared to the previous year. In contrast, domestic gas production during the same period declined by 0.9%, falling to 36,113 MMSCM. The data also highlights a continued fall in domestic crude oil production. The total crude production dropped from 29.4 MT in FY24 to 28.7 MT in FY25.
Additionally, India’s crude oil basket witnessed a steady decline in average prices, falling from $84.49 per barrel in March 2024 to $77.33 in February 2025, and further down to $72.47 in March 2025. The drop of over $12 per barrel within a year indicates that India is paying significantly less for imported oil, providing some relief to the national import bill.
The consumption also increased by 2.1% to 239.2 MT in FY25, compared to 234.3 MT in FY 24. High-speed diesel (HSD) consumption grew by 2.0%, Motor Spirit (MS or petrol) consumption showed a more substantial increase of 7.5%, and LPG consumption rose by 5.6%.
In terms of export, petroleum, oil, and lubricants (POL) products grew by 3.3% in FY25 compared to the previous year. The key drivers behind this growth in POL exports were increased shipments of several key products, including motor spirit (MS), commonly known as gasoline, petcoke/CBFS (Coke Breeze Fines Slurry), and fuel oil.