India's Oil Import Bill Skyrockets 48% Amid Global Price Surge

India's oil import bill has surged by 48% to $74.8 billion in the first eight months of this year, largely due to high crude prices amid ongoing global tensions.

The country paid $24.4 billion more on crude oil purchases between April and August compared to a year earlier, despite a 0.4% decline in volumes, according to data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC).

India's import costs for September are set to be even higher, with international prices hitting $100 per barrel for Brent again, and the Indian crude import price averaging $114.80 a barrel so far this month.