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India’s crude oil import bill surged more than 41% year-on-year to $13.7 billion in July, according to provisional data released by the Petroleum Planning and Analysis Cell (PPAC), as elevated global oil prices amid persistent uncertainty in West Asia pushed up the cost of shipments.

The country’s crude oil imports rose 13.3% in volume terms to 21.4 million metric tonnes (MMT) in July, compared with 18.9 MMT in the same month last year. However, the sharp increase in international crude prices resulted in a significantly higher import outgo.

India’s crude basket averaged $82.04 a barrel in July, up from $70.95 a barrel a year earlier. Benchmark Brent crude prices remained volatile during the month as episodic developments in West Asia continued to influence market sentiment.

Brent crude futures were trading more than 1% higher at around $91.84 a barrel on Tuesday evening following the latest escalation in the region.

LNG imports remain largely stable

India’s liquefied natural gas (LNG) imports increased marginally by 1.5% year-on-year to 2,915 million standard cubic metres (MMSCM) in July.

India remains heavily dependent on overseas supplies to meet its energy requirements, with crude oil imports accounting for 88.5% of the country’s total crude oil consumption, according to the provisional PPAC data.

Petroleum product exports rise

Meanwhile, exports of petroleum products by Indian oil-marketing companies increased 10% year-on-year to 5.5 MMT in July.

Revenue from petroleum product exports rose to $5 billion during the month, compared with $3.3 billion a year earlier.

Overall, the country’s net import bill for oil and gas – which is the difference between petroleum products, crude and gas imports; and exports of petroleum products – increased more than 19% on a year-over-year basis to $11.2 billion.