India's April-August Oil Import Bill Surges 48.4% to $74.8 Billion on Soaring Crude Prices

India's crude oil import bill jumped 48.4% year-over-year to $74.8 billion between April and August, an increase of $24.4 billion compared to the previous year. The spike occurred even as total import volumes fell slightly by 0.4% to 100.7 million metric tons, down from 101.1 million metric tons. Higher acquisition costs were driven by international benchmark increases, with Brent trading near $100 per barrel and the Indian crude basket averaging $114.80 per barrel in September. Geopolitical tensions around the Strait of Hormuz also propelled key Persian Gulf-to-India shipping freight rates up by over 400%.