Hormuz crisis impact: India’s crude imports surge 60% in April-June; net oil, gas imports up 45%
India's crude oil import bill rose over 60% year-on-year in the first quarter of the financial year, driven by high international oil prices amid the West Asia crisis. Despite a slight dip in import volumes, the surge in costs raised concerns over inflation and the current account deficit, as India relies on imports for over 88% of its crude oil needs. The overall net oil and gas imports increased by 45% in value, highlighting the economic impact of the ongoing crisis.