In April 2023, India recorded a 4.3% reduction in crude oil imports, totaling 20.1 million metric tons, compared to 21 million metric tons in April 2022. Despite this decrease in volume, the country faced a staggering 50% increase in import costs, amounting to $16.3 billion. This surge was largely attributed to a significant rise in global oil prices, which averaged $114.48 per barrel in April, marking a 70% increase from the previous year's average of $67.72. Additionally, India's liquefied natural gas imports saw a decline of nearly 30%, dropping to 1.954 billion cubic meters, while domestic production also fell to 2.787 billion cubic meters. In April 2022, these figures were 2.778 billion cubic meters and 2.908 billion cubic meters, respectively. Experts estimate that India purchases approximately 4.3 million barrels of oil daily, translating to an annual expenditure of around $180 billion. With the current spikes in oil prices, these expenses could increase by an additional $70 billion.