India’s oil imports down by 8.3% in April y-o-y

According to government data, India's imports of crude oil decreased by 8.3% in April 2023 compared to the same month the year before. India bought 19.8 MMT of crude oil in April as opposed to 21.6 MMT in April 2022. The overall cost of importing crude oil in April 2023 was USD 10.8 billion, which was less than the USD 16.8 billion total cost in April 2022. India's imports of crude oil have decreased by 3.41 percent month over month. India paid USD 11.6 billion to purchase 20.5 MMT of crude oil in March of this year. This is the highest monthly drop in crude oil imports over the past year, according to a study of historical statistics for the prior fiscal year.