India’s crude oil imports increased by more than 3% from March to April, reaching 20.08 million metric tons, according to government data from the Petroleum Planning and Analysis Cell.

The April imports fell 4.3% compared to the same month last year, when the country imported 20.99 million tons of crude oil.

As the world’s third-largest oil importer and consumer, India’s import data serves as an important measure of its energy demand.

Imports of crude oil products dropped by over 40% year-over-year to 2.34 million tons in April. Product exports declined approximately 14.6% to 3.45 million tons during the same period.

Global energy prices have risen since the beginning of the U.S.-Israeli conflict with Iran, as shipping disruptions continue through the Strait of Hormuz. The strait typically handles one-fifth of global oil and liquefied natural gas shipments.

India is projected to see slower growth in gasoline and diesel demand this year following price increases last month that reflected higher oil costs. Early signs of pressure have appeared in the trucking sector.

Source: Investing.com