Economy News
Crude import bill rises 190% to $25 billion in Q1FY22

The country’s crude oil import bill has increased 190.6% year-on-year to $24.7 billion in Q1FY22 with rising prices of the commodity in the international market and higher procurement volumes with demand for auto fuels returning. The volume of crude oil imported in the quarter, at 51 million tonne, was 14.7% higher than the same period last year. The average price of the Indian basket of crude oil in Q1FY22 was $68.6 per barrel, against the average rate of $30.4 per barrel recorded in Q1FY21.

News Source:- https://www.financialexpress.com/economy/crude-import-bill-rises-190-to-25-billion-in-q1fy22/2295051/