India’s crude oil import bill doubled to $119 billion, increasing by 5.4 percent and 8 percent in March 2022 and April-March 2022 respectively.
In 2020-2021, the country spent $62.2 billion on crude oil imports. The Petroleum Planning & Analysis Cell (PPAC) reported $77 billion in gross petroleum imports that included crude oil and petroleum products. In the fiscal year that ended March 31, PPAC reported an increase in gross petroleum imports up to $143.4 billion.
In March alone, India spent $13.7 billion on crude oil imports compared to the $8.4 billion import bill in the same month of the previous fiscal year.
The continuous war in Ukraine and the return of energy product demand caused the energy price hike globally.
India is one of the top global crude oil importers, succeeding China, Europe, and the United States.
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