India's Crude Import Bill Rises 48.4% to $74.8 Billion Amid High Global Prices
Higher international prices drive increase despite a 0.4% fall in import volumes, according to Petroleum Planning and Analysis Cell data
India's crude oil import bill rose 48.4% year-on-year to $74.8 billion in April-August, driven by higher international prices despite a 0.4% fall in import volumes. According to data from the Petroleum Planning and Analysis Cell (PPAC), the country spent $24.4 billion more on crude during the first five months of FY27 than in the corresponding period a year earlier.
Crude imports fell by 0.4% to 100.7 million metric tonnes (MMT) from 101.1 MMT a year earlier. In rupee terms, the import expenditure rose 62% to a little over ₹7 trillion.
The recent rise in crude prices has been fuelled by concerns over supply disruptions amid the ongoing West Asia conflict. Attacks on Saudi Arabia’s East-West pipeline have disrupted shipments through the Red Sea, while tensions around the Strait of Hormuz have raised concerns over the availability and movement of Gulf crude.
The International Energy Agency (IEA) said on September 18 that renewed hostilities had caused further disruptions to regional oil exports and warned that prolonged supply constraints could put additional pressure on prices.
India's crude import dependence remained high at 88.1% during April-August, only marginally lower than 88.3% a year earlier. Domestic crude production fell to 11.4 MMT from 11.9 MMT.
Higher crude prices are also increasing the overall energy import bill. India’s net oil and gas import bill rose 34.7% to $66.8 billion during April-August from $49.6 billion a year earlier. Gross petroleum imports, including crude and petroleum products, rose 36.8% to $81.8 billion.
Petroleum imports accounted for 22.5% of India’s total merchandise imports during April-August, up from 19.5% a year earlier. The merchandise trade deficit widened to $147.1 billion from $123.9 billion during the period.
Key Statistics:
Crude oil import bill: $74.8 billion (up 48.4% year-on-year)
Crude imports: 100.7 MMT (down 0.4% year-on-year)
Import expenditure in rupee terms: ₹7 trillion (up 62% year-on-year)
Crude import dependence: 88.1% (marginally lower than 88.3% a year earlier)
Important notes:
The data is based on PPAC's provisional data for April-August FY27.