India’s crude oil, LNG imports surge in May although bill continues to stay elevated
India's imports of crude oil and LNG increased in May, though the total import bill rose significantly due to global market conditions. The data reflects the ongoing economic impact of the West Asia crisis on India's energy costs.
Why it matters
Rising energy import costs directly impact India's trade deficit and domestic inflation, making it a critical economic indicator.
In the third full month (May) of the West Asia crisis this year, India’s imports of crude oil surged nearly 7.5% from April, whilst that of liquified natural gas (LNG) increased about 16%. However, the country’s import bill for crude oil surged 14.7% and that of LNG more than 22% during the same period, indicating a perusal of latest and previously-available comparative provisional data from the Petroleum Planning and Analysis Cell (PPAC).
The article relies on official data from the Petroleum Planning and Analysis Cell without editorializing.
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