There is likely to be a dip in the quantum of oil that India imports from Iran in the fiscal year ending 2012 than it used to do previously, a senior Government source said on Wednesday.
“Iran contributes a significant but declining amount of our energy imports. During fiscal 2010-11, India imported about 18.5 million tonnes, down from 21.8 million imported during the previous fiscal.
For the fiscal year ending 2012 also there is likely to be a drop in imports but that figure will only be available after March,” a Government source said.
With the prospects of Iran coming under international sanctions for pursuing a nuclear programme, India has been facing difficulties in payment for Iranian oil and has been looking at various options to meet its oil needs. The various options include sourcing crude from other countries, seeking a waiver from the US and examining various payment options for Iranian oil including going in for a barter system.
“India will continue to buy oil from Iran. But Indian companies have to make their own decision after considering market factors,” the Government source said.
Iran accounts for about 12 per cent of India's oil imports and is next only to Saudi Arabia.
India imports about 4,00,000 barrels a day of crude from Iran and the monthly payment is around $1 billion.