Commodities
India's Oil Import Bill Surges by 43% Amid West Asia Conflict
India's net oil and gas imports surged by 43.4% in value to $57.8 billion in the first four months of this financial year, due to the West Asia conflict and supply tightness through the Strait of Hormuz.
The country depends on imported oil for over 88% of its crude requirement and about half of its natural gas consumption, which is imported as liquefied natural gas (LNG).
The average landed price of imported crude rose sharply to $106 per barrel in April-July, up from around $68 per barrel in the same period last year.