India’s Energy Import Bill Jumps 82% Due to High Oil Prices

India’s energy import bill surged 81.6% year over year to $18.7 billion in May as higher oil and LNG prices offset rising volumes. Crude imports increased 7.5% month over month and LNG imports rose 16%, driven by a need to source more expensive non-Middle Eastern barrels while Strait of Hormuz disruptions curtailed supplies. The spike widened India’s trade deficit and added pressure on the current account, government finances, and the rupee, which had fallen to record lows during the supply shock. The article frames the recent U.S.-Iran deal and reopening of Hormuz as potentially disinflationary for India, since lower crude prices and restored Middle East flows should reduce import costs and ease external-account stress.