Petrol imports rose to 230,000 tonnes in July, the highest since PPAC data going back to 2011.
Crude oil for delivery in September was trading lower by Rs 21, or 0.52 per cent, at Rs 3,994 per barrel.
Analysts said speculative positions created by traders led to the rise in oil prices.
Analysts said speculative positions created by traders led to rise in oil prices.
The firm produced 24.23 million tonne of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres of natural gas.
On the Multi Commodity Exchange, crude oil for delivery in August contracts was trading lower by Re 1, or 0.03 pc.
On the Multi Commodity Exchange, crude oil for delivery in August contracts fell by Rs 18 to Rs 3,873 per barrel.
The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.
Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf.
Crude oil for delivery in August was trading lower by Rs 13, or 0.33 per cent, at Rs 3,895 per barrel.