India, the third largest crude oil importer in the world after China and the USA, pays a hefty amount of Rs 5.65 lakh crore by importing around 219.15 metric tonnes (MT) each year. Fuel prices in the domestic market have been hitting new highs each day. Today, May 23, sees petrol cost Rs 84.99 a litre in Mumbai, while diesel costs Rs 72.66 a litre. The government though, it is belived, is looking into the vexing issue of fuel price rise.
India's domestic production, however, does not seem to give any respite in the near future as per a report from the Ministry of Petroleum and Natural Gas. The basket of crude oil that India imports averaged US$ 55.74 per barrel in the April-February 2018 period.
Crude oil production during April 2018 was 2,915.00 TMT which is 1.44% higher than monthly target but 0.83% lower than the production achieved in April 2017. Crude oil production by ONGC during April 2018 was 1,777.33 TMT, which is 1.36% higher than the monthly target but 3.78% lower when compared with April 2017. Crude oil production by Oil India Ltd (OIL) during April 2018 was 274.33 TMT which is 1.65% lower than monthly target but 0.24% higher than production in April 2017.
The shortfall in production have been attributed to the contribution from old wells – a rise in water cut in wells and a decline in the total liquid production of wells of the Greater Hapjan and Greater Chandmari fields.
Crude oil production by Pvt/JVs during April 2018 was 863.33 TMT which is 2.64% higher than the monthly target and 5.48% higher than April, 2017. Shortfall in production was mainly due to the closure of 2 wells in D1D3 and 1 well in MA field KG-DWN-98/3 and well B6 ceased to flow on 30/4/2018 due to low reservoir pressure.
Lesser crude oil refined from refineries
Refinery production during April 2018 was 19,852.83 TMT which is 3.43% lower than the provisional target for the month and 0.87% lower when compared to April 2017. CPSE Refineries’ production during April 2018 was 1,1635.25 TMT which is 0.59% lower than the target for the month but 4.20% higher than the production achieved in the corresponding month of last year. The decline in production were due to a delay in stabilisations and unplanned shutdowns at the refinery.
Petrol-diesel price differential narrows down to Rs 12 a litre
Top tips to get the maximum kilometres per litre from your car
India's Top 10 fuel-efficient scooters
India's Top 10 fuel-efficient motorcycles
India's Top 10 fuel efficient diesel cars
India's Top 10 fuel efficient petrol cars
April sales of 2.3m units point to strong fiscal but costly fuel could be a dampener