India’s Oil Import Bill Shrinks, But So Do Crude Imports

India paid much less for the crude oil imported between April and July 2020 compared to the same period last year, due to the significantly low oil prices and lower import volumes amid decreased fuel demand. Because of the slump in international oil price benchmarks, India’s crude oil import bill was US$12.4 billion in April-July, the first quarter of India’s fiscal year. For this sum, India imported 57.2 million tons of crude oil, compared to imports of 74.9 million tons worth US$36.2 billion for the same period of 2019, India’s…