India's crude import price hits $91.16 amid U.S.-Iran tensions
Business
India's crude oil import price just shot up to $91.16 per barrel, a big jump from last month's around $82.04.
Tensions between the US and Iran over the Strait of Hormuz, a vital route for global oil, are behind this sudden hike.
Import bill up 61% to $49.8B
With over 85% of its oil coming from abroad, India's feeling the pinch: the average crude price for August is now $88.51 per barrel, way up from $69 in February.
Even though India actually imported less oil, the country's import bill still soared 61% year over year to $49.8 billion between April and June.
If these prices stay high, experts warn it could mean pricier fuel and higher inflation.