Global oil prices lift India's import bill 48% Apr-Aug 2026
Business
India's oil import bill shot up by 48% to $74.8 billion between April and August 2026, even though it bought about the same amount of oil as last year.
The main culprit? Global oil prices have been climbing, putting extra pressure on India's wallet.
India paid 18% more for oil
Brent crude has mostly stayed above $100 per barrel lately, thanks to ongoing tensions in West Asia.
In August alone, India paid 18% more for oil even though imports dropped by 3%.
Analysts warn prices could keep rising this year, which might push up India's current account deficit and make things trickier for the economy overall.