Additionally, India’s crude oil basket witnessed a steady decline in average prices, falling from $84.49 per barrel in March 2024 to $77.33 in February 2025, and further down to $72.47 in March 2025. The drop of over $12 per barrel within a year indicates that India is paying significantly less for imported oil, providing some relief to the national import bill.
The consumption also increased by 2.1% to 239.2 MT in FY25, compared to 234.3 MT in FY 24. High-speed diesel (HSD) consumption grew by 2.0%, Motor Spirit (MS or petrol) consumption showed a more substantial increase of 7.5%, and LPG consumption rose by 5.6%.
In terms of export, petroleum, oil, and lubricants (POL) products grew by 3.3% in FY25 compared to the previous year. The key drivers behind this growth in POL exports were increased shipments of several key products, including motor spirit (MS), commonly known as gasoline, petcoke/CBFS (Coke Breeze Fines Slurry), and fuel oil.