Russian crude oil supplies and lower global oil prices helped India save more than $25 billion in foreign exchange in the fiscal year that ended March 31 compared with 2022-2023, despite the country importing for two fiscal years almost the same amount. enkorr writes about this.
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According to Hindustan Times estimates, India imported crude oil in 2023-2024 in the amount of $132.4 billion compared to $157.5 billion in 2022-2023.
At the same time, during 2022-2023, the country imported 232.7 million tons of crude oil, while in 2023-2023 In 2024, volumes fell slightly by 0.08% to 232.5 tons, and savings in value terms increased by about 16%.
As experts note, there were two main reasons for significant savings: lower average cost crude oil imports to India in 2023-2024 compared to 2022-2023 and purchases of Russian oil at high discounts.
