Has the volume of oil imports into India increased in the latest fiscal year?

The oil import bill has nearly doubled in FY22 as compared to FY21. However, the strange part is that volumes accounted just about 8% of this spike with the balance 90% plus increase only coming from price increase in crude oil. With oil prices going up from $50/bbl in the Brent market last year to $110 this year, the total oil import bill escalated from $62.2 billion in FY21 to a massive level of $119 billion in the fiscal year FY22.

The main reason was the sharp surge in crude prices was the supply crunch which was later exacerbated by the Russia Ukraine war. In Mar-22 alone, India spent close to $13.7 billion for oil imports at a time when crude prices were at a 14-year high. Import volumes in FY22 stood at 212.20 million tonnes compared to 196.5 million tonnes in FY21. In a nutshell, volume accretion accounted for just 8% of spike, with price rise doing rest of the damage.