Crude oil import bill jumps over 190% in Q1

India’s crude oil import bill soared nearly threefold in the first quarter of the fiscal (Q1FY22) fuelled by a sharp rise in global oil prices, further raising concerns for policymakers.

The fuel import bill totalled about $24.7 billion in the three months ended June 30, compared with $8.5 billion a year earlier, according to official data. Volume growth was, however, modest at 14.7% in the June quarter at 51.4 million tonnes.

The oil import bill has risen sharply although domestic fuel consumption still lags pre-Covid levels. With global oil prices unlikely to fall sharply in the near future, and domestic fuel consumption on the rise in line with easing of Covid-related curbs and renewed economic activity,