India's oil import bill is set to cross the $100 billion mark in FY22, almost double of what it spent in FY21 at $62.2 billion. India has already spent $94.3 billion on oil imports between April 2021 and January 2022. India imported oil worth $11.6 billion in January 2022, a 50.6% YoY rise against $7.7 billion spent in January 2021.