Key facts
- India's energy import bill increased by nearly 82% in May.
- India's energy import bill reached $18.7 billion in May.
- Crude oil imports rose by 7.5% in May.
- LNG imports increased by 16% in May.
- Higher global energy prices contributed to the import bill surge.
- Middle East supply disruptions exacerbated global energy prices.
- India's trade deficit widened due to increased energy imports.
- India's monsoon has begun unusually weakly.
- The El Niño phenomenon is expected to cause persistent low rainfall.
- The weak monsoon threatens India's crops and industrial activities.
India's energy import bill experienced a significant increase of nearly 82% in May compared to the previous year, reaching a total of $18.7 billion. This surge was driven by a 7.5% rise in the volume of crude oil imports and a substantial 16% increase in liquefied natural gas (LNG) imports. The escalation in global energy prices, further intensified by supply disruptions originating from the Middle East, has led to a widening of India's trade deficit. This situation is placing considerable pressure on the country's financial stability.