At the same time, the share of crude oil imports from Russia rose to a record level during the same period, according to data obtained from crude oil trade and industrialists. India is the third largest consumer of crude oil in the world. Traditionally the Gulf countries have been dependent on crude oil demand.
OPEC share below 50%
For the first time in history, the total share of OPEC countries in crude oil imports to India is less than 50 percent. During 2023, India imported 46.5 lakh barrels of crude oil per day. Of this, OPEC countries’ share fell to 49.6 per cent in the first nine months of FY2023-24. Imports from OPEC were 64.5 percent in the corresponding period of FY2022-23.
Increasing geopolitical risk factors and rising shipping costs for imports from traditional buying countries have prompted India to diversify its sources of crude oil. Similarly, India buys crude oil from far away if it is offered at a lower price than the market price. An example is imports from Russia. Russia’s contribution to total imports in 2023 is 36 percent.
Increase in crude oil prices
Crude oil prices have increased by two percent in the international market. Brent crude futures were up 1.6 percent at $79.10 and U.S. WTI crude futures were up 2 percent at $74.08 in late Thursday trading. The price was driven up by the assumption in the IEA report that the demand in the market will increase.
Today’s Petrol and Diesel Rates
No changes were recorded in vehicle fuel prices in the country on Friday as well. A liter of petrol in Delhi costs Rs 96.72 and diesel at Rs 89.62. Petrol price in Mumbai city remains at Rs 106.31 and diesel at Rs 94.27. In Kolkata, petrol remains unchanged at Rs 106.03 per liter and diesel at Rs 92.76. Petrol price in Chennai city limits remains at Rs 102.63 and diesel price at Rs 94.24.
Similarly, there is no change in petrol and diesel prices in the state today. Petrol price in Thiruvananthapuram remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city is Rs 107.78 and diesel price is Rs 96.70. A liter of petrol in Kozhikode remains at Rs 108.28 and diesel at Rs 97.20.