India’s total crude oil purchase bill for the current fiscal year (which ends on March 31) is estimated to exceed $100 billion, nearly double that of the last fiscal year. This was reported on Sunday by the Press Trust of India news agency, citing data obtained from the analytical center under the Ministry of Oil and Natural Gas of India (Petroleum Planning & Analysis Cell, PPAC).
According to this information, this increase in the price of imports is explained by the fact that international oil prices are traded at seven-year highs. According to PPAC, India spent $94.3 billion in the first 10 months of the current fiscal year (which began on April 1, 2021). In January, India spent $11.6 billion as oil prices began to rise, the same month last year spending was $7.7 billion.
In February, oil prices exceeded $100. per barrel, and by the end of the 2021-2022 fiscal year, India, which imports 85% of oil, is expected to nearly double the import bill to $110-115 billion, the agency said.