India Pays $29 Billion More for Nearly the Same Crude Oil Imports
What Happened
India’s crude oil import bill rose to $90.6 billion in April–September 2026, up from $61.9 billion a year earlier, according to Petroleum Planning and Analysis Cell (PPAC) data. Import volumes increased by less than 1% to 122.7 million tonnes. Higher global oil prices, particularly during the West Asia conflict, drove the increase despite nearly unchanged import quantities.
Key Takeaways
India spent approximately 46% more on crude imports without a significant rise in volumes. With import dependence at 88.1%, higher international oil prices are increasing the country's energy import costs and external trade burden.