India's Crude Import Bill Soars 48% Amid Global Price Surge

India's crude oil import bill surged by 48% to $74.8 billion in April-August, driven by higher international prices despite relatively stable volumes.

The country spent around $11.7 billion on crude imports alone in August, up 18% from the same period last year, according to data from the Petroleum Planning and Analysis Cell (PPAC).

Global oil prices have remained under pressure due to renewed geopolitical tensions in West Asia, with Brent crude trading at around $102 a barrel on September 21.

Crisil Intelligence has raised its Brent crude forecast for the current fiscal to $88-$93 a barrel, representing a projected 25-32% increase over the previous year.