India's crude import bill jumps 48% on price surge despite flat volumes

India's crude oil import bill rose 48.4% to $74.8 billion in April-August 2026, driven by higher international prices despite a 0.4% volume decline. The surge reflects supply disruptions from Middle East conflicts, increasing India's import costs and inflationary pressures. This highlights India's vulnerability to oil price shocks and may impact its trade balance and currency.