Crude imports fell 22% to their lowest level since 2005

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New delhi date. Saturday, June 20, 2020

In May, India's crude oil imports fell by 2.50 per cent year-on-year to its lowest level since 2009. Corona affected the country's lockdown-induced fuel demand and refinery production.

Crude oil imports fell to 12 million tonnes. Imports of oil products declined by 0.50 per cent to 3.50 lakh tonnes while exports rose by 2.50 per cent to 3.50 lakh tonnes.

Demand for crude oil is expected to improve, easing lockdowns in areas where the spread of coronavirus is low. It will also see an increase in its processing operations, Petroleum Ministry sources said.

India's fuel demand has increased by 50 per cent in May compared to April. Sources also said that it would take a few more months for the country's crude oil demand to reach pre-Covid-12 levels.

In addition to the onset of monsoon, industrial activity is still sluggish and demand for crude is expected to recover. Any increase in demand for crude oil will be good news for crude oil marketing companies and the government.

Taxes on petrol and diesel are the main source of revenue for the government through taxes. Demand due to the coronavirus has affected the government's revenue through GST.


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