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Tuesday, November 3, 2009

Crude oil imports fall 41% to $31.6 bn in H1

India's crude oil import bill fell by 41 per cent to $31.6 billion in April-September this year as international rates declined from a record peak.Asia's third-largest oil consumer imported 69.6 million tonnes of crude oil for $31.6 billion in the first six months of current fiscal against 64.84 million tonnes of crude imported for $53.78 billion in the year ago period, according to the data available from Petroleum Ministry here.Crude oil prices had peaked to $147 per barrel in August 2008 and have since eased to around $70 a barrel.India also imported 7.16 million tonnes of petroleum products, mainly diesel and naphtha, for $3.61 billion. In April-September 2008, fuel imports of 9.98 million tonnes cost $9.44 billion.Fuel exports at 14.3 million tonnes ($ 7.29 billion) in April-September 2009 were lower than 19.17 million tonnes ($18.77 billion) in the same period last year.The nation's domestic consumption was almost flat at 10.69 million tonnes in September and rose 3.6 per cent to 67.26 million tonnes in April-September, the data showed.Demand for diesel, the most consumed fuel, was up 4.7 per cent at 4.12 million tonnes in September and 8.5 per cent to 27.17 million tonnes in April-September. Petrol consumption soared 14.7 per cent to 6.3 million tonnes in the six months.Jet fuel consumption was down 0.3 per cent at 2.22 million tonnes, reflecting the impact of economic slowdown on airlines.

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