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

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.