The crude oil import bill of India is set to cross last year’s level this month, with crude oil prices firming up and demand recovering. According to sector watchers, the oil import bill is on the path to be the highest in at least three years as the average price at which refineries purchased the raw fuel crossed $70 a barrel in 10 months to October.

       The Indian basket of crude oil averaged $82.11 per barrel in October — the highest price for the month in five years. While crude oil prices have softened to $78.89 per barrel after the Joe Biden ...