Even as taxes remain the main culprit behind record-high fuel prices, India’s import bill for oil also is taking center stage.
India imports over 80% of it’s oil requirement and as per reports India’s imports from the United States nearly doubled month over month to a record high 367,000 barrels per day in January, making the US India’s fourth-largest supplier of crude oil.
This comes as OPEC producers continue to limit global supply. This is has led to a 60% drop in the share of the Middle East in India’s oil import.
But as the import bill continues to swell unconfirmed reports indicate that India plans to resume import of cheaper energy from countries such as Iran and Venezuela.