India's Crude Import Bill Soars 41% Amid West Asia Uncertainty

India's crude oil import bill skyrocketed to $13.7 billion in July, up 41% from last year's figure due to elevated global oil prices and ongoing uncertainty in West Asia.

The country's crude oil imports reached 21.4 million metric tonnes (MMT) in July, a 13.3% increase from the same period last year. However, despite higher volumes, the sharp rise in international crude prices resulted in a significantly higher import outgo.

India's crude basket averaged $82.04 a barrel in July, compared to $70.95 a barrel in the same month last year. Benchmark Brent crude prices remained volatile during the month due to episodic developments in West Asia.