The US administration’s decision to end sanction waivers for Iranian oil imports by India and seven other countries will trigger a surge in India’s oil import bill even as it scurries to secure new energy sources. The government’s preliminary estimates for 2018/19 estimate the Indian oil import bill at $115-billion, an increase of 30% over the previous year. The surge in the import bill surpasses the 27% increase that a government agency forecast at the start of the year.
