India's July oil import bill surges more than 41%
India's crude oil import bill surged more than 41% to $13.7 billion in July, thanks to pricier global oil and ongoing tensions in West Asia, according to the Petroleum Planning and Analysis Cell.
India also brought in more oil than last year, 21.4 million metric tons compared with 18.9 million metric tons.
India exports $5 billion petroleum products
The average price India paid for crude jumped to $82.04 per barrel (up from $70.95 per barrel a year earlier), showing just how unpredictable the market has been lately.
On the bright side, Indian companies exported more petroleum products (earning $5 billion compared with $3.3 billion a year ago) and LNG imports nudged up by 1.5%.
Still, with imported oil making up 88.5% of crude oil consumption, India's energy bills are climbing fast as global prices stay high.