India's oil import bill declines by two-third on fall in international prices

India spent $12.4 billion on importing 57.2 million tonnes of crude oil during April-July as opposed to $36.2 billion expenditure on import of 74.9 million tonnes in the same period a year back.
Pradhan said rates began to recover in May with Indian basket averaging $30.60 per barrel. This rose to $40.62 in June and $44.19 in August.