India’s crude oil import bill soars 76% to $90.3 billion in April-September
India’s crude oil import bill surged 76% to $90.3 billion in the first half of 2022-23 even as the total import quantity increased by 15% to 116.6 million tonnes because of supply squeeze by the producer’s cartel who wants for keep international oil prices artificially high, official data showed.
In the month of September , India’s crude oil import was almost stagnant at 17.6 million tonnes compared to 17.5 million tonnes a year ago, but it jumped 38% by value on account of rising prices. India purchased crude worth $12.8 billion in September compared to $9.3 billion it spent in the same month a year ago.
High energy prices are a major global concern . According to the World Bank’s latest Commodity Markets Outlook report, energy prices are expected to jump 60% in the current calendar year before they decline 11% in 2023.
