Import Cost Of Petroleum Products Rise 39.6% Between 2016-17 & 2020-21

There has been a 39.6 per cent increase in the import cost of petroleum products in the last four years between 2016-17 and 2020-21

There has been a 39.6 per cent increase in the import cost of petroleum products in the last four years between 2016-17 and 2020-21.

According to official data of the ministry of petroleum, compared to $10.6 billion incurred by the exchequer on import of petroleum products during 2016-17, the cost went up by 39.6 per cent to $14.8 billion in 2020-21.

Also from 2016-17 onwards, the cost of importing petroleum products has consistently gone up. In 2017-18 it was $13.6 billion, in 2018-19 it further jumped to $16.3 billion, while in 2019-20 it inched higher to $17.7 billion. 

Though the cost incurred in 2020-21 ($14.8 billion) was lower than the money spent for the purpose in 2019-20 ($17.7 billion), official sources said that the cost of importing petroleum products has been increasing, as global crude prices had seen a sharp increase in the recent past.