India’s Oil Import Bill Soars 190% In Q1

India’s crude oil imports tab for the first quarter of its financial year soared by 190 percent to $24.7 billion although volumes only grew modestly, by 14.7 percent on the year, the Hindustan Times reports. The substantial increase reflected the sustained increase in international oil prices, highlighting once again the overwhelming dependence on foreign oil lllpppone of the world’s top consumers. Also, the increase in the import bill came despite the fact fuel consumption has yet to recover to pre-pandemic levels. In fact, the first…