India’s Oil and Gas Dependence and Supply Balance in 2024–25: Evidence from PPAC Monthly Reports

India’s energy evolution is telling alongside a continued structural requirement on oil and natural gas, raising serious concerns concerning energy security and conversion readiness. Despite rapid expansion in renewable capacity, oil and gas remain central to India’s production, refining, and consumption framework, yet systematic assessments using recent official data are limited. This study examines India’s oil and gas supply–demand balance during 2024–25 using monthly secondary data published by the Petroleum Planning and Analysis Cell (PPAC). The analysis employs a descriptive and comparative approach to evaluate trends in domestic crude oil production, refinery throughput, petroleum product output and exports, crude oil and LNG imports, and sectoral natural gas consumption. The findings indicate that while India’s refining capacity and petroleum product production remain robust, dependence on imported crude oil and LNG continues to be high. Petroleum product exports coexist with elevated import reliance, underscoring India’s position as a major refining hub rather than a self-sufficient energy producer. The study highlights the persistent importance of oil and gas in India’s energy system and suggests that transition strategies must balance diversification goals with short-term energy security and supply-stability considerations.