December 13, 2024: Domestic crude oil production has been falling even as petroleum products consumption has been rising. The share of domestic crude in petroleum products consumption touched a new low during April-October 2024. Click column Special Database for details.

December 12, 2024: India ranks as the world's third-largest oil consumer, utilising approximately 5.05 million barrels per day, which accounts for 5% of global consumption. It is Asia’s largest petroleum products exporter as well. Where does India figure in the ranks in terms of crude oil refining capacity? Click column Special Database for details.

December 10, 2024 | The Oil Marketing Companies (OMCs) Have Fuelled Inflation: The retail prices at the pump that the hapless Indian consumers pay for Petrol and diesel have remained the same since April 6, 2022. Based on official data, the average price of the Indian crude basket peaked in June 2022 at $116.01/barrel. Thereafter, the price of the Indian crude basket has steadily declined month after month and reached a low of $72.48/barrel on December 5, 2024. The Indian crude basket on December 5, 2024 was about 30% below the level at which the petrol and diesel prices were fixed 32 months ago. It is clear that the Government could have eased inflationary pressures by following the Government’s stated policy of allowing retail prices of petroleum products to be market driven. The violation of this stated policy was allowed when the global outlook of oil prices remains extremely soft. Click Free Access column Petro Intelligence to read a comprehensive piece on the subject.