India’s crude oil imports in August fall 3%, import bill rises 18%

In August, India's crude oil imports decreased by 3% compared to the same period last year, according to provisional government data. However, the import bill for crude oil rose by 18.2%, potentially reflecting ongoing uncertainties before tensions flare up in the Middle East in early September. The month also saw a stable volume of liquefied natural gas (LNG) imports and spending, with no significant change compared to the previous year.

The average price of crude oil per barrel in India's basket during August was $90.19, up from $82.04 in July and $69.11 in the same month last year. Despite the higher cost of procuring crude oil, India's net import bill, which accounts for both imports and exports of petroleum products, remained the same at $9.3 billion. India's refiners bought 19 million metric tonnes (MMT) of crude oil in August, spending $11.7 billion.

This is a slight reduction from the $9.9 billion spent to import 19.6 MMT of crude oil in the same month last year. The unchanged net import bill can be attributed to refiners earning 43% more revenue from exports, despite a 14% decline in quantities supplied during the reported period. In August, India's LNG imports increased by 0.1% compared to the previous year, totaling 2,915 million standard cubic meters (MMSCM) for which it spent the same $1.2 billion.