India’s crude oil imports in August fall 3%, spends 18% more

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.

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.