India’s oil import bill witness steep rise

Surging prices have doubled India’s oil import bill this financial year while gas import costs have risen 61%.

India paid $82.4 billion for the crude oil it imported in the nine months through December 2021, a 108% jump over $39.6 billion paid over the same period in 2020, according to the Oil Ministry data. The jump was primarily due to spiraling prices as the volume of imported oil increased only 9% in the same period.