India’s crude oil import fell by over 23 per cent in October even through domestic fuel sales snapped a two-month declining trend to rise by one per cent.

The nation’s 19 public and private sector refineries imported 10.1 million tons of crude oil in October as compared to 13.23 million tons crude imported in the same month a year ago, according to the latest data from the Oil Ministry in New Delhi.

Domestic oil product sales was up by 1 per cent at 11.647 million tons as opposed to 11.538 million tons in October 2009.

Diesel consumption eased to 4 per cent annual growth at 4.96 million tons while petrol sales were up by 7.3 per cent at 1.21 million tons.

Naphtha, kerosene, fuel oil, bitumen and petcoke recorded negative growth rate.

Naphtha sales was down by 9.8 per cent at 738,500 tons but jet fuel consumption was up by 10 per cent at 434,100 tons.

India’s oil product imports were 44.3 per cent up at 1.22 million tons while exports dropped by a massive 45 per cent to 2.96 million tons.

Diesel exports fell 70 per cent in October to 676,000 tons, while petrol exports at 452,500 tons were down 50.4 per cent from a year ago.

The government estimates domestic oil product demand will rise 5.7 per cent in the current financial year.

Fuel consumption in April-October was up by 1.8 per cent at 81.02 million tons with diesel recording a 6.7 per cent growth rate at 32.01 million tons.

Petrol sales was up 11.1 per cent at 8.24 million tons.

Crude oil imports dipped by 1.9 per cent to 89 million tons in April-October. Oil product imports were up 12.4 per cent at 10.18 million tons while exports rose 6.4 per cent to 28.41 million tons.