News > India to face the heat of rising oil markets over Israel-Hamas conflict

India to face the heat of rising oil markets over Israel-Hamas conflict

Global oil prices have already shot up to nearly 90 dollars per barrel. Fortunately, discounts on crude being purchased from Russia are reported to have increased recently and this may help in softening the blow of higher world prices. Despite the availability of crude at lower prices from Russia and subsequently from other countries like Iraq, India's oil import bill ballooned from 121 billion dollars in 2021-22 to 158 billion dollars in 2022-23.