India’s oil and gas import bill reached $18.7 billion in May, driven by rising crude and LNG prices and increased shipments.
India’s energy import bill climbed 81.6% year-over-year to $18.7 billion in May, as higher global oil and gas prices lifted costs. The country’s crude oil imports rose 7.5% month-over-month, while LNG imports jumped 16%, provisional data showed.
Last May, India spent $10.3 billion on energy imports. The increase reflects a shift toward non-Middle Eastern cargoes and elevated benchmark prices, though volumes also grew.
No immediate market reaction was reported, but the rise may pressure India’s trade balance and inflation outlook.