India has managed to reduce its oil spending in recent months, even though it’s been buying more crude oil from abroad. How is this possible? The answer lies in falling global crude oil prices.

Between September and November, India’s oil import costs dropped by 9% compared to the same period last year, totaling $31.2 billion. At the same time, the amount of oil imported increased by 4.4%, reaching 57.2 million tonnes, according to the Petroleum Ministry's data.

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