India’s crude oil import bill doubled in the financial year that ended on March 31, totaling $119 billion, The Hindu reported, citing data from the Petroleum Planning and Analysis Cell at the oil ministry of the country. The world’s third-largest oil importer, which relies on foreign oil for more than 85 percent of its consumption, spent $13.
7 billion on buying crude in March alone, the report noted, as international oil prices hit the highest in 14 years. Imports also increased during the period, from 196.5 million tons in fiscal 2020/2021…India’s Crude Oil Import Bill Doubles
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