The world's third-biggest oil importer and consumer spent $132.4 billion importing oil in fiscal year 2023-24, nearly 16% lower than the $157.5 billion spent in the year prior.
India's fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales.
The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow's revenue, an American treasury official said earlier in the month.
