India paid much less for the crude oil imported between April and July 2020 compared to the same period last year, due to the significantly low oil prices and lower import volumes amid decreased fuel demand. Because of the slump in international oil price benchmarks, India’s crude oil import bill was US$12.4 billion in April-July, the first quarter of India’s fiscal year. For this sum, India imported 57.2 million tons of crude oil, compared to imports of 74.9 million tons worth US$36.2 billion for the same period of 2019, India’s Minister of Petroleum Dharmendra Pradhan told Parliament on Monday. In April, the world’s third-largest oil importer, India, was bargain hunting for cheap crude grades as international oil prices averaged below $20 a barrel throughout the month. India spent US$3.1 billion to purchase 16.6 million tons of crude oil in April, compared to spending US$9.7 billion on 19.7 million tons […]