{"id":13895,"date":"2025-04-15T12:03:57","date_gmt":"2025-04-15T12:03:57","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=13895"},"modified":"2025-04-15T12:03:57","modified_gmt":"2025-04-15T12:03:57","slug":"indias-oil-import-price-drops-below-70-for-the-first-time-since-2021","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/13895\/","title":{"rendered":"India\u2019s Oil Import Price Drops Below $70 for the First Time Since 2021"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The average price of India’s crude oil imports fell to below $70 per barrel this month, for the first time since 2021, as international benchmarks plunged amid trade and tariff uncertainty.<\/p>\n

India, which imports 88% of the crude it consumes, saw its average cost of crude oil imports plunge by 17.87% in April compared to March 2024. The average import cost stood at $69.39 per barrel for the first two weeks of this month-the lowest level since August 2021, Indian outlet Hindustan Times reported<\/a> on Tuesday.<\/p>\n

The lower import price could boost purchases by Indian refiners who are sensitive to the price of crude.<\/p>\n

The lowest crude import cost in nearly four years could also lead to lower prices for gasoline and diesel for Indian consumers, according to Hindustan Times.<\/p>\n

India last reduced the prices at the pump in March 2024, ahead of the general election last year.<\/p>\n

Low import bills are very good news for India, the world’s third-largest crude oil importer, which depends on imports for more than 88% of its oil consumption.<\/p>\n

India’s crude import dependence hit a record high of 88.2%<\/a> in the April 2024 to February 2025 period and set a record high in the fiscal year ending March 31, 2025, as Indian fuel demand continues to grow while domestic crude production remains flat.<\/p>\n

The Indian import dependence in the full 2023\/2024 fiscal year averaged 87.8%. As import and demand trends have shown in recent months, the 2024\/2025 fiscal year will see an even higher – an all-time high – reliance on crude oil imports.<\/p>\n

Last year, India surpassed China as the world’s largest oil demand driver<\/a>, amid growing demand for fuel transportation in India and slowing gasoline and diesel demand in China due to the advance of electric vehicles and LNG-fueled trucks in the world’s top crude oil importer.<\/p>\n

This year was set for another healthy demand growth in India, but the U.S. trade policies with increased tariffs and uncertainties could undermine global trade and economic growth.<\/p>\n

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