New Delhi: India’s crude oil imports rose by 5.9 per cent in May 2025 and by 2.5 per cent during April-May of the current financial year, while imports of petroleum, oil and lubricants (POL) products declined by 3.9 per cent and 6.9 per cent respectively, according to data released by the Petroleum Planning and Analysis Cell (PPAC).
The decline in POL product imports during April-May 2025-26 was attributed mainly to reduced imports of fuel oil, lubricants/lube oil base stock (LOBS), and bitumen.
The net import bill for oil and gas stood at $11.1 billion in May 2025 compared to $13.1 billion in May 2024. Of the total, crude oil imports were $11.3 billion, liquefied natural gas (LNG) imports were $1.2 billion, while exports were $3.3 billion.
Indigenous crude oil and condensate production in May 2025 stood at 2.4 million metric tonnes (MMT), registering a 1.7 per cent decline compared to the same month last year. Oil India Limited produced 0.3 MMT, ONGC produced 1.5 MMT, and private/other operators produced 0.6 MMT.
Crude oil processed during May 2025 totalled 23.1 MMT, up 0.4 per cent from May 2024. This included 15.6 MMT processed by public sector and joint venture refiners and 7.5 MMT by private refiners. Of the total crude processed, 1.8 MMT was indigenous and 21.3 MMT was imported. However, the cumulative crude oil processed during April-May 2025-26 showed a 0.1 per cent de-growth from the previous fiscal.
The average price of Brent crude was $64.22 per barrel in May 2025, down from $67.79 per barrel in April 2025 and $82.05 per barrel in May 2024. The Indian basket averaged $64.04 per barrel in May 2025, down from $67.73 in April 2025 and $83.62 in May 2024.
Production of petroleum products in May 2025 was 24.3 MMT, 1 per cent higher than May 2024. Of this, 24 MMT was produced by refineries and 0.3 MMT by fractionators. The cumulative production for April-May 2025-26 declined by 1.6 per cent year-on-year. Key product shares in May 2025 included HSD (42.1 per cent), MS (17.1 per cent), naphtha (7.1 per cent), ATF (6.2 per cent), pet coke (4.9 per cent), and LPG (4.4 per cent).
Exports of POL products increased by 7.0 per cent in May 2025 but declined by 3.4 per cent during April-May 2025-26. The fall in exports was mainly due to lower shipments of HSD and ATF.
Consumption of petroleum products in April-May 2025 totalled 41.5 MMT, showing a 0.6 per cent decline from the same period last year. Consumption in May 2025 stood at 21.3 MMT, up 1.1 per cent from May 2024. Growth was driven by LPG (8.3 per cent), MS (7.2 per cent), ATF (4.1 per cent), and HSD (3.2 per cent).
Total natural gas consumption in May 2025 was 5,918 million standard cubic meters (MMSCM), down 10 per cent from the same month last year. Cumulative consumption for April-May 2025 was 11,764 MMSCM, down 1.8 per cent year-on-year.
Gross natural gas production in May 2025 was 2,979 MMSCM, 4.0 per cent lower than May 2024. Cumulative production for April-May 2025 was 5,888 MMSCM, down 2.9 per cent.
LNG imports in May 2025 were 2,977 MMSCM, down 15.3 per cent year-on-year. The cumulative LNG imports till May 2025 were 5,953 MMSCM, 1.0 per cent lower than the same period last year.
Ethanol blending in petrol stood at 19.8 per cent in May 2025, and the cumulative blending from November 2024 to May 2025 was 18.8 per cent.
