India’s imports of crude oil in August deaccelerated 3% though the import bill stood about 18.2% higher from the comparable period last year, according to provisional government data, potentially indicative of an elongated period of continuing uncertainties prior to the resurgence of tensions in West Asia early-September.

August also had import volumes of liquified natural gas (LNG) and spending staying nearly flat on a year-over-year basis.

India’s crude oil basket averaged $90.19 for every barrel during the reported period compared to $82.04 per barrel in July and $69.11 per barrel in August last year.

Net spends flat

Notwithstanding the elevated cost for procuring crude, India’s net import bill — which is the difference between petroleum products, crude and gas imports; and exports of petroleum products — stayed unchanged at $9.3 billion.

The country’s refiners imported 19 million metric tonnes (MMT) of crude in August for which they spent $11.7 billion.

In the same month last year, they had spent $9.9 billion to import 19.6 MMT of crude oil.

The unchanged net import bill can be attributed to India’s refiners earning about 43% more money from exports despite a more than 14% decline in quantities supplied during the reported period.

India’s LNG imports in August spurred 0.1% from comparable period last year to 2,915 million standard cubic meters (MMSCM) for which it spent the same $1.2 billion.