India's Oil Import Bill Drops 12% Despite Higher Volume; Petrol Prices Unchanged?

• India's oil import bill fell 12% to $80.9 billion (April-Nov), despite a 2.4% increase in import volume.
• Average crude oil price for India dropped by $12 per barrel, from $80 to $67.6, due to abundant global supply.
• Domestic crude oil production declined, while petroleum product consumption rose, increasing import dependence to 88.6%.
• Despite reduced import costs, the government has not indicated any reduction in petrol and diesel prices.
• Natural gas imports also decreased in value and volume due to lower demand and high international spot prices.

Why It Matters: India saved $11 billion on oil imports due to cheaper crude, but domestic fuel prices remain unchanged.