BRENT — India's Q2 crude import bill surges 60% to $50B despite lower volumes

India's crude oil import bill soared by 60% year-on-year to nearly $50 billion in the June quarter, even as import volumes declined to approximately 60 million tonnes from 62.6 million tonnes a year earlier. The sharp increase in cost reflects the end of discounted oil purchases that previously shielded the country from higher global prices. The surge puts significant pressure on the nation's trade balance as benchmark Brent crude trades above $90 per barrel.