India’s Oil Import Bill Jumps 48% as Crude Prices Soar

AI Summary

India's crude oil import bill rose by 48% to $74.8 billion in April-August due to soaring international oil prices despite a slight volume decrease. The surge is linked to ongoing war-related disruptions and uneven Middle East oil supply flows.

India paid $24.4 billion more on crude oil purchases between April and August compared to a year earlier as the spikes in international oil prices raised the import bill by 48% despite a 0.4% decline in volumes, government data showed on Tuesday. The oil price surge amid the war and the uneven flows from the Middle East hiked India’s crude oil import bill to $74.8 billion in April-August, up by 48.4% from the same period last year, per data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) cited by Indian outlet Business…