India's #Crudeoil #import dropped 16% in the fiscal year ended March 31 due to lower international rates, but the dependency on overseas suppliers rose to a new high, official data showed. India imported 232.5 mn tonnes of crude oil, which is refined into fuels like #petrol and #diesel, in the FY 2023-24, almost the same as in the previous financial year. However, it paid $132.4 bn for the imports in FY24 as against $157.5 bn import bill in 2022-23, the Oil Ministry's Petroleum Planning and Analysis Cell (#PPAC) data showed.
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