Mumbai: India's crude oil import bill rose by more than 70 per cent between April and August this financial year, compared with the same period a year ago as the international prices of crude rose 75 per cent.

Between April and August this year, the volume of crude imports rose 5.2 per cent to 54.6 million tonnes, compared with 51.9 million tonnes a year ago, government data showed.

During the period, the country spent Rs36,844 crore for importing 8.6 million tonnes of petroleum products while it incurred a lower amount of Rs21,307 crore to import a higher volume of 9.1 million tonnes in the year-ago period.

India depends on imports for over one-third of its oil demand, which is growing at an annual rate of around 10 per cent. Crude oil accounts for around 35 per cent of the country's total import bill.
 
Export of petroleum products fell 10.2 per cent to 15 million tonnes between April-August this year, compared with the corresponding period a year ago. The value of these exports, however, rose 56 per cent to Rs64,837 crore, compared with Rs41,436 crore in the year-ago period.

''Exports were down as demand for petroleum products, particularly diesel, rose significantly higher than projected. But the value of these exports is higher, which is good for us,'' an oil ministry official said.

Net oil imports during the April-August period have almost doubled to Rs1,69,627 crore, from Rs81,180 crore a year ago.

The government, meanwhile, said it may cut petrol and diesel prices if the price of crude oil falls below $61 a barrel and not $67.

Petroleum ministry officials attributed the lowering of the limit to the depreciation of the rupee against the dollar.