India’s crude oil import dependency hits record high, likely to rise further
India’s dependence on imported crude oil reached 88.2% in the first 11 months of the current financial year (FY25), surpassing last year’s levels and indicating a potential all-time high for the full fiscal year. Data from the Petroleum Planning & Analysis Cell (PPAC) of the oil ministry shows an increase from 87.7% in the same period of FY24 and 87.8% for the entire FY24.
The rising dependency on imports is driven by growing energy demands across sectors, including transportation, petrochemicals, and aviation, while domestic crude oil production remains stagnant. India’s oil import reliance has steadily increased over the years, except for FY21, when COVID-19 slowed demand.
Government efforts to reduce import dependency, including policy reforms and incentives for domestic oil exploration, have had limited success. The Oilfield (Regulatory and Development) Amendment Bill, recent biofuel blending initiatives, and electric mobility promotion have yet to significantly curb petroleum demand growth.
India imported 219.9 million tonnes of crude oil between April and February, up from 213.4 million tonnes in the same period last year. Meanwhile, domestic oil production declined to 26.2 million tonnes from 26.9 million tonnes. With domestic crude oil covering only 11.8% of total petroleum product consumption, self-sufficiency remains low.
The country’s crude oil import bill for the April-February period stood at $124.7 billion, a nearly 3% increase year-on-year. As the world’s third-largest consumer and a key importer of crude oil,
India’s demand is expected to continue rising, with petroleum product consumption projected to grow by 4.7% in FY26, reaching 252.93 million tonnes. Refinery capacity is set to expand further, with the country’s current capacity standing at nearly 257 million tonnes per annum.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
