India's oil import bill in terms of value increased from 409,077 crore rupees in 2009-10 to 726,386 crore rupees in 2011-12.

This increase was due to the rise in the prices of crude oil and petroleum products in the international market, depreciation of the rupee and increase in domestic consumption of petroleum products from nearly 138 million metric tonnes in 2009-10 to 148 million metric tonnes in 2011-12. This was stated by Petroleum Minister Jaipal Reddy in the Lok Sabha today.
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In a written reply, he said consumption and exports of value-added products during 2011-12 contributed to the higher level of the country's GDP. The increase in refining capacity has reduced India's import dependency on petroleum products.

The country exported petroleum products worth two lakh eighty-four thousand and six hundred forty-three crore rupees during 2011-12, the Minister said.