India's crude oil import bill has jumped over 40 per cent to $68 billion in 2007-08 on relentless rise in international prices.

The nation imported 121.672 million tons of crude oil for $67.988 billion in 2007-08 as opposed to 111.502 million tons imported for $48.389 billion previous year, according to the latest data released by the petroleum ministry in New Delhi.

In rupee term, the import bill has risen 24.5 per cent to Rs 2,72,699 crore (Rs 2,726.99 billion) as against Rs 2,19,029 crore (Rs 2,190.29 billion) previously.

The country also imported 22.716 million tons of products like naphtha, LPG and kerosene for $15.255 billion (Rs 61,504 crore). 2.829 million tons of LPG imports cost $2.135 billion (Rs 8,563 crore) while 5.965 million tons of naphtha cost $4.565 billion (Rs 18,401 crore).

In 2006-07, India imported 17.66 million tons of products for $9.968 billion (Rs 41,160 crore).

Fuel exports grew 17 per cent to 39.327 million tons earning $26.771 billion (Rs 1,07,603 crore). Diesel at 14.308 million tons for $10.178 billion (Rs 40,871 crore) was the biggest contributor. Naphtha exports at 9.297 million tons fetched $6.790 billion (Rs 27,365 crore). Petrol and aviation turbine fuel were other major products exported.

The net oil import bill (crude oil import plus product imports minus exports) stood at $56.473 billion (Rs 226,600 crore) as compared to $39.549 billion (Rs 179,095 crore) of 2006-07.

Fuel consumption in the country grew by a healthy 7 per cent to 129.235 million tons with mainstay diesel demand growing at 11.1 per cent to 47.637 million tons. LPG demand grew 10.6 per cent to 11.996 million tons while petrol consumption was up 11.2 per cent at 10.327 million tons.