Lok Sabha Question No. 1786 (UNSTARRED), answered on 2024-12-05
Subject: Global Oil Price Volatility
Ministry: PETROLEUM AND NATURAL GAS
Asked by: Dr. Amar Singh

## LOK SABHA UNSTARRED QUESTION No. 1786

## TO BE ANSWERED ON 05 th December, 2024

## Global Oil Price Volatility

1786. Dr. Amar Singh:

## पेट Ō ोिलयम और Ůाक ृ ितक गैस मंũी

Will the Minister of PETROLEUM AND NATURAL GAS be pleased to state:

- (a) the details of the quantum of crude oil imported monthly during the last five years and the current year along with the import prices, country-wise;
- (b) whether the Government has conducted an evaluation of the current global oil supply trends and their potential impact on domestic oil prices and if so, the details thereof along with its findings;
- (c)  the  mechanism  adopted/proposed  to  be  adopted  by  the  Government  to mitigate the effects of global oil price volatility on the Indian economy; and
- (d)  the  steps  taken/proposed  to  be  taken  by  the  Government  to  promote alternative energy sources to reduce the dependence on imported oil?

## ANSWER पेट Ō ोिलयम और Ůाक ृ ितक गैस मंũालय मŐ राज् य मंũी ( ŵी सुरे श गोपी )

## MINISTER OF STATE IN THE MINISTRY OF PETROLEUM & NATURAL GAS (SHRI SURESH GOPI)

- (a):The details of the quantum of crude oil imported during the last five years and the current year are as under:

| Financial Year        | Quantity in Thousand Metric Tonnes (TMT)   |
|-----------------------|--------------------------------------------|
| 2019-20               | 2,26,955                                   |
| 2020-21               | 1,96,461                                   |
| 2021-22               | 2,12,382                                   |
| 2022-23               | 2,32,700                                   |
| 2023-24(P)            | 2,34,262                                   |
| 2024-25 (Apr-Oct) (P) | 1,40,170                                   |

Source: Petroleum Planning & Analysis Cell,

(P): Provisional

(b)  &  (c):  To  ensure  security  of  crude  supplies  and  to  mitigate  the  risk  of dependence on crude oil from single region, Indian Oil Public Sector Undertakings  (PSUs)  have  diversified  their  crude  basket  and  are  procuring crude from countries located at various geographical locations viz. Middle East, Africa, North America, South America etc.

(d): Government has adopted a multi-pronged strategy to reduce dependency on crude  oil  imports  and  improve  energy  security  which  inter  alia  comprises increasing domestic production of oil and gas, promoting energy efficiency and conservation measures, giving thrust on demand  substitution, promoting biofuels and  other alternate fuels/renewables, EV  charging  facilities  and refinery  process  improvements.  Government  has  also  provided  functional freedom  to  National  Oil  companies  and  wider  private  sector  participation  by streamlining approval processes including electronic single window mechanism.

In addition, Government has launched National Biofuel Policy, 2018, to boost availability of biofuels in country and use of alternative clean fuels like ethanol, Bio-diesel  and  bio-CNG  through  schemes  for  Ethanol  Blending,  Bio-diesel blending and Sustainable Alternative Towards Affordable Transportation (SATAT).

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