New Delhi, June 26 -- India's strong crude oil refining capacity helped reduce the impact of the recent West Asia-led energy crisis on the domestic economy by avoiding the need for large-scale imports of refined petroleum products, according to a report by EY (Ernst & Young LLP).

The report highlighted the evolution of India's petroleum economy, stating that while the country's dependence on imported crude oil has increased over the years, it has successfully built a significant refining capacity to convert crude oil into petroleum products.

It stated, "India may continue to augment its refining capacity, which has helped save refining costs had India been forced to directly import refined petroleum products".

According to the report, ...