India's April Crude Import Bill Jumps 50% to $16.3 Billion as Volumes Fall 4.3%
Updated
Updated · The Hindu · May 21
India's April Crude Import Bill Jumps 50% to $16.3 Billion as Volumes Fall 4.3%
3 articles · Updated · The Hindu · May 21
$16.3 billion was what India paid for 20.1 million metric tonnes of crude in April, up from $10.7 billion a year earlier even as import volumes slipped from 21 million tonnes.
The divergence points to higher energy prices after the Strait of Hormuz closure, which has kept pressure on crude and gas costs during the West Asia conflict.
India's overall net oil-and-gas import bill rose 23% to $13.9 billion in April, while LNG imports fell nearly 30% to 1,954 MMSCM and the LNG bill dropped to $0.9 billion.
Lower domestic demand helped curb gas imports: natural-gas consumption fell 16.7% to 4,703 MMSCM, LPG sales dropped 12.7% to about 2.2 MMT, and domestic gas output also declined 4.2%.
The April data show India facing a cost shock in crude even as weaker fuel consumption and lower gas import dependence partly offset the broader energy trade hit.
With 90% of its LPG imports cut off, is India facing its worst-ever household cooking gas shortage?
As the Hormuz blockade chokes energy supplies, can India's diversification strategy prevent a full-blown economic crisis?
The West Asia war has sent oil prices soaring. Is this the catalyst for India's green energy revolution?