H1 crude import bill down 23% on year

India’s fuel import bill fell 22.8% on year to $82.3 billion in the first half of the current financial year 2023-2024, owing to lower crude oil prices during most of the period and large discounts offered by Russia, which has acquired a big share in the import basket.

However, the trend may not be sustained in the second half of the year as prices have firmed up of late and may remain at somewhat elevated levels over the next few weeks, analysts say.