India Crude Import Bill Surges 41% Amid West Asia Crisis

India's crude oil import bill skyrocketed by 41% year-over-year to $13.7 billion in July, according to provisional data from the Petroleum Planning and Analysis Cell (PPAC). This surge was largely due to elevated global oil prices amid persistent uncertainty in West Asia.

The country's crude oil imports rose 13.3% in volume terms to 21.4 million metric tonnes (MMT) in July, compared with 18.9 MMT in the same month last year. However, the sharp increase in international crude prices resulted in a significantly higher import outgo.

India's crude basket averaged $82.04 a barrel in July, up from $70.95 a barrel a year earlier. Benchmark Brent crude prices remained volatile during the month as episodic developments in West Asia continued to influence market sentiment.