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India’s oil & gas import bill contracts 33% y-o-y in April-June quarter as prices drop
India’s oil and gas import bill contracted by a third from a year earlier to $35 billion in the April-June quarter as prices sharply dropped, as per the oil ministry data.
Crude oil worth $31.4 billion was imported during the April-June period, lower than $48.1 billion in the same period last year. The volume of oil imports marginally reduced to 60.1 million metric tonnes (mmt) in the first quarter from 60.7 mmt in the same period last year.
Liquefied natural gas (LNG) imports rose 4.3% in volume terms to 7590 mmscm but in value terms dropped 19% to $3.8 billion
Oil and gas prices were extremely volatile in the April-June quarter last year due to the uncertainties induced by the Russia-Ukraine war and the consequent Western sanctions imposed on Moscow. The global crude benchmark Brent averaged $116 per barrel in the April-June of 2022. It was 35% lower at $76 per barrel in the same period this year.
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