Rising consumption and falling domestic production has increased India’s crude oil import dependency to 83.7% during 2018/19, compared with 82.9% during previous financial year, data from Petroleum and Natural Gas Ministry has showed.
Despite Prime Minister Narendra Modi’s ostensible target to cut India’s crude oil import dependency to 67% by 2022, in reality it has been on an upward curve from 80.6% in 2015/16 to 81.7% in 2016/17 and 82.19% in 2017/18, government released data indicates.