India’s crude oil imports remained flat in the fiscal year 2023/2024 ended March 31, but the import bill of the world’s third-largest oil importer fell by almost 16% due to lower oil prices and record-high imports of cheaper Russian crude. Indian crude imports stood at 232.5 million metric tons in the 2023/2024 fiscal year, only marginally lower compared to the 232.7 million tons in imports in the previous fiscal year to March 31, 2023, data from the Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed.…
