India’s oil import bill doubles to $119 bn in FY22
India’s crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine.
India, the world’s third-biggest oil consuming and importing nation, spent USD 119.2 billion in 2021-22 (April 2021 to March 2022), up from $62.2 billion in the previous fiscal year, according to data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC).
It spent $13.7 billion in March alone when oil prices surged to a 14-year high. This compared with USD 8.4 billion spending in the same month last year.
