Why Crude Oil Imports In October Rise To Highest Level ?Add Answer
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India is the world's third largest consumer of crude oil and is one of the biggest importers of it as well. Imports of crude oil have risen by 10.5% as compared to the crude oil imported in the year 2017. But in October 2018, the crude oil imports rise to highest level in the last seven years the country has seen. The import of crude oil from Africa also increased by three times than expected. Experts are saying this is the highest amount of crude oil that the country has consumed in the past few years.
Why is it so? The major reason for such high consumption of crude oil is because of the various festivities that happens around this time of the year. Different states in the Indian subcontinent plans into celebrating regional events and festivals which spikes the use of transport, electricity and many other elements which require crude oil and oil in various forms. The high use of vehicles during this phase is majorly responsible for the increased crude oil import. It also happens because of the extensive work in the industries after the months of monsoon rains.