New Delhi, June 28 -- India has significantly strengthened its petroleum refining capabilities even as its dependence on imported crude oil has continued to rise, according to a report by EY.
The study says that while crude oil import dependence has crossed 90% in FY26, the country's refining efficiency has improved by nearly 33% since FY98, reinforcing India's position as a major exporter of petroleum products.
The report notes that crude oil import dependence has increased from around 55% in FY99 to over 90% in FY26, driven by rising domestic demand and declining crude oil production. Petroleum product consumption has grown from 90.6 million metric tonnes (MMT) in FY99 to 243.2 MMT in FY26, whereas domestic crude production has fallen t...