India’s oil import bill doubles to USD 119 bn in FY22

NEW DELHI: India’s crude oil import bill nearly doubled to USD 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 USD 62.2 billion in the previous fiscal year, according to data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC).