India's net oil import bill has jumped 32 per cent to Rs 91,486 crore (Rs 914.86 billion) in the first 11 months of 2004-05 fiscal on back of high crude oil prices.
India spent Rs 104,604 crore (Rs 1046.04 billion) on importing 87.4 million tonnes of crude oil in April-February and also imported 7.7 million tonnes of products for Rs 12,581 crore (Rs 125.81 billion), Petroleum Minister Mani Shankar Aiyar said.
However, after deducting Rs 25,699 crore (Rs 256.99 billion) worth of petroleum product exports (16.1 million tonnes), the net oil import bill came to Rs 91,486 crore (Rs 914.86 billion).
Aiyar told the Parliament that India's crude oil imports have risen 5.5 per cent to 95.315 million tonnes in full year 2004-05 as against 90.434 million tonnes crude oil imported in 2003-04.
In 2003-04, India spent Rs 83,528 crore (Rs 835.28 billion) on import of 90.434 million tonnes of crude oil and Rs 9,640 crore (Rs 96.4 billion) on import of 7.873 million tonnes of petroleum products. After deducting Rs 16,781 crore (Rs 167.81 billion) earned from export of 14.62 million tonnes of products, the net oil import bill came to Rs 76,387 crore (Rs 763.87 billion).
Aiyar said total domestic production of crude oil during 2004-05 was 34.05 million tonnes as opposed to 33.37 million tonnes in the previous financial year.
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