India's crude import bill jumped 61% to $49.8 billion in Q1 FY23, driven by sustained oil prices above $100 per barrel despite a 4% decline in import volumes.

Higher global crude prices drove India's oil import bill 60% higher in the April-June quarter, increasing inflation and fiscal risks amid renewed Middle East supply concerns.

India's crude import bill jumped 61% to $49.8 billion in Q1 FY23, driven by sustained oil prices above $100 per barrel despite a 4% decline in import volumes.

India's Russian crude imports hit a record 2.7 million barrels per day in June, now exceeding half of all Indian oil imports amid geopolitical