West Asia Crisis Inflates India Net Oil And Gas Import Bill By 43% In April-July
· Business · Indian Express, The Hindu, Hindustan Times
India's net oil and gas imports surged by 43.4% in value to $57.8 billion during the first four months of the financial year, driven by supply tightness and elevated prices stemming from the West Asia crisis and disruptions in the Strait of Hormuz. Provisional data from the petroleum ministry shows that crude oil import bills rose over 56% year-on-year to $63.4 billion between April and July. Import volumes remained nearly flat at 81.9 million tonnes compared to 81.5 million tonnes in the previous year, pushing the average landed price of imported crude to about $106 per barrel from $68 per barrel. Around 40% of India's crude oil imports, 60% of its liquefied natural gas imports, and 90% of its liquefied petroleum gas imports transit through the Strait of Hormuz from West Asia. The country depends on imports to meet over 88% of its crude oil requirement and about half of its natural gas consumption.
Why it matters
The surge in energy import costs strains India's trade balance, current account, inflation, and rupee exchange rate.
Read the original report — Indian Express
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