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Time of India
6 hours ago
- Business
- Time of India
India's crude oil imports hit record high, up nearly 10% m/m in May
India's crude oil imports reached a record 23.32 million metric tons in May, up 9.8 per cent month-on-month, government data showed on Monday. The data highlights demand in India, the world's third-largest importer and consumer of oil, reflecting the broader economic and industrial activities driving it. India's fuel demand rose to 21.32 million metric tons in May, its highest in more than a year, Oil Ministry data showed this month. India will take measures to safeguard domestic fuel supplies, oil minister Hardeep Singh Puri said on Sunday, after U.S. attacks on Iran's nuclear sites over the weekend raised the risk of disruption to Middle Eastern oil and gas, leading to soaring energy prices. Oil prices jumped on Monday to their highest since January. The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7 per cent to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed. By the numbers On a yearly basis, crude oil imports climbed 5.9 per cent from 22.03 million metric tons in May 2024, according to data from the Petroleum Planning and Analysis Cell (PPAC). Imports of crude oil products fell by about 3.9 per cent on a yearly basis to 4.20 million tons in May, while product exports rose more than 7 per cent to 5.63 million tons.
News18
8 hours ago
- Business
- News18
India's Crude Oil Imports Hit Record High, Jump Nearly 10% MoM In May
Last Updated: Oil prices jump on Monday to their highest since January. India's crude oil imports reached a record 23.32 million metric tons in May, up 9.8% month-on-month, government data showed on Monday. The data highlights demand in India, the world's third-largest importer and consumer of oil, reflecting the broader economic and industrial activities driving it. India's fuel demand rose to 21.32 million metric tonnes in May, its highest in more than a year, Oil Ministry data showed this month. India will take measures to safeguard domestic fuel supplies, oil minister Hardeep Singh Puri said on Sunday, after U.S. attacks on Iran's nuclear sites over the weekend raised the risk of disruption to Middle Eastern oil and gas, leading to soaring energy prices. Oil prices jumped on Monday to their highest since January. The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed. On a yearly basis, crude oil imports climbed 5.9% from 22.03 million metric tons in May 2024, according to data from the Petroleum Planning and Analysis Cell (PPAC). Imports of crude oil products fell by about 3.9% on a yearly basis to 4.20 million tons in May, while product exports rose more than 7% to 5.63 million tons. The data for imports and exports is preliminary because private refiners share numbers at their discretion. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - Reuters) First Published: June 23, 2025, 11:42 IST
Time of India
8 hours ago
- Business
- Time of India
India's crude oil imports hit record high, up nearly 10% m/m in May
Live Events By the numbers (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's crude oil imports reached a record 23.32 million metric tons in May, up 9.8% month-on-month, government data showed on data highlights demand in India, the world's third-largest importer and consumer of oil, reflecting the broader economic and industrial activities driving fuel demand rose to 21.32 million metric tons in May, its highest in more than a year, Oil Ministry data showed this will take measures to safeguard domestic fuel supplies, oil minister Hardeep Singh Puri said on Sunday, after U.S. attacks on Iran's nuclear sites over the weekend raised the risk of disruption to Middle Eastern oil and gas, leading to soaring energy prices jumped on Monday to their highest since share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources a yearly basis, crude oil imports climbed 5.9% from 22.03 million metric tons in May 2024, according to data from the Petroleum Planning and Analysis Cell (PPAC).Imports of crude oil products fell by about 3.9% on a yearly basis to 4.20 million tons in May, while product exports rose more than 7% to 5.63 million tons.
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Business Standard
4 days ago
- Business
- Business Standard
Petroleum product export earnings fell 13.4% to $3.3 bn in May: PPAC
Lower global crude prices reduced May petroleum export earnings to $3.3 billion even as outbound and import volumes rose and crude processing remained steady Subhayan Chakraborty New Delhi Listen to This Article Despite a rise in outbound trade volumes, lower global crude oil prices pulled down earnings from the export of refined petroleum products in May, latest data released by the Petroleum Planning and Analysis Cell (PPAC) showed. Receipts from petroleum exports fell 13.15 per cent to $3.3 billion in May, down from $3.8 billion in May 2024. In May, Brent crude prices hovered between $60 and $62 per barrel, compared to $80 per barrel a year earlier. As a result, there was a fall in the export of aviation turbine fuel and high speed diesel. In contrast, earnings had risen by
Time of India
31-05-2025
- Business
- Time of India
Natural gas availability rises 9.7% in April; LNG imports increase 19.1%: PPAC
New Delhi: India's natural gas availability for sale rose by 9.7 per cent to 5,416 million standard cubic metres (MMSCM) in April 2025 compared to 4,936 MMSCM in April 2024, according to provisional data released by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas. The increase in overall availability was driven by a 19.1 per cent rise in liquefied natural gas (LNG) imports, which stood at 2,977 MMSCM in April 2025 against 2,499 MMSCM in the corresponding month of the previous year. Gross domestic natural gas production fell to 2,908 MMSCM in April 2025, marking a 1.7 per cent decline from 2,958 MMSCM in April 2024. Net production available for sale also saw a marginal decline, registering 2,439 MMSCM in April 2025 compared to 2,437 MMSCM in the year-ago period. Natural gas consumption during the month stood at 5,847 MMSCM, with the fertiliser sector accounting for the highest share at 26 per cent, followed by city gas distribution (CGD) at 23 per cent, power generation at 15 per cent, refineries at 7 per cent, and petrochemicals at 5 per cent. In absolute terms, gas consumption by the fertiliser sector declined to 1,443 MMSCM from 1,652 MMSCM in April 2024. CGD consumption rose to 1,281 MMSCM from 1,213 MMSCM, while the power sector consumed 824 MMSCM, down from 945 MMSCM in the previous year. Refineries consumed 391 MMSCM, a decrease from 453 MMSCM, whereas the petrochemical sector saw a substantial rise to 297 MMSCM from 155 MMSCM in April 2024. Among states, Gujarat remained the top gas-consuming state with 43.82 million standard cubic metres per day (MMSCMD), followed by Uttar Pradesh at 27.78 MMSCMD, Maharashtra at 25.11 MMSCMD, and Delhi at 7.93 MMSCMD. Among offshore fields, western offshore contributed 6.66 MMSCMD. The total cumulative LNG imports during April 2025 increased to 2,977 MMSCM from 2,499 MMSCM in April 2024, while cumulative net domestic availability stood at 2,439 MMSCM. PPAC data also shows that total gas consumption surpassed the availability by 431 MMSCM in April 2025, reflecting a continued reliance on LNG imports to meet demand.
