India's crude oil import bill surges 41% to $13.7 billion in July

India's crude oil import bill jumped 41 percent to $13.7 billion in July, driven by a combination of higher import volumes and elevated international prices, according to data from the country's energy sector.

Crude import volumes expanded 13 percent to 21.4 million tonnes during the month, reflecting steady demand from Indian refineries. The uptick in volumes coincided with supply disruptions emanating from West Asia, which kept global crude prices elevated. The Indian basket, a weighted average of crude oils imported by the country, averaged $82.04 per barrel in July.

The sharp rise in import costs underscores the vulnerability of India's economy to global energy price movements. India, which relies heavily on imported crude to meet domestic fuel demand, has felt the impact of geopolitical tensions in major oil-producing regions. The country imports roughly 80 percent of its crude requirements, making it susceptible to international price fluctuations and supply shocks.

The increase in both import volumes and per-barrel costs highlights the dual pressure facing India's energy economy as it seeks to balance economic growth with rising input costs. Refineries have been operating at robust levels to meet domestic consumption, particularly as transportation and industrial activity rebounds in Asia's third-largest economy.