Question

why is the import of petroleum high in 2006-07?
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Answer 1

Answer:

India's crude oil import bill jumped over 24 per cent to $48.1 billion in 2006-07 on back of rise in international prices.

The country imported 110.85 million tonnes of crude oil in 2006-07, which is 11.5 per cent up from 99.4 million tonnes bought in 2005-06, petroleum ministry officials said.In terms of rupee, crude oil imports cost Rs 219,990.9 crore in FY'07 against Rs 171,702 crore in the previous year.

Oil product imports at 16.96 million tonnes for $8.89 billion (Rs 40,389.1 crore) in 2006-07 were up by 45.2 per cent over 11.67 million tonnes of products worth $5.86 billion (Rs 25,575 crore) imported last year.

Total imports (crude plus products) in 2006-07 were worth $56.99 billion (Rs 260,380 crore) against $44.64 billion (Rs 197,278 crore) worth of imports last year.

Exports of petroleum products in the year was up 50 per cent to 32.39 million tonnes worth $17.64 billion (Rs 80,172 crore). Last year 21.5 million tonnes of products were exported for $10.54 billion (Rs 46,785 crore).

Officials said India's fuel demand grew 5.9 per cent to 119.84 million tonnes in 2006-07.