Almost 79% of India's crude oil requirements have to be imported, Petroleum Minister M Veerappa Moily said Tuesday. In a written reply in parliament, Moily said the estimated demand for 2013-14 of petrol, diesel and LPG is 16,335 MT, 73,500 MT and 16,712 MT, respectively.
The minister said 78.75% of crude oil required in India for petroleum products has to be imported. The issue of oil imports has come under focus in the context of the country's spiralling current account deficit. "As per the working group report of this ministry for the 12th Five Year Plan, the estimated demand of petroleum products during 2016-17 would be 186.2 million metric tonnes," Moily said.
As on July 1, 2013 the refining capacity in the country is 215 million metric tonnes per annum (MMTPA) which is more than the domestic demand of products, the minister added. "The present refining capacity is adequate to meet the demand of petroleum products in the country in the near future on an overall basis," Moily said.
However, some products like LPG and Lubes are in deficit and are being imported. The minister said that net import of LPG and Lubes was 6,093 thousand metric tonnes (value Rs.30,402 crore) and 1,409 TMT (value Rs.8,877 crore), respectively, during 2012-13.