2 weeks ago
India’s Crude Import Bill Soars 57% to $63 Billion
India buys crude oil from other countries to make fuels.
During April-July, its crude oil bill rose to $63.4 billion.
India did not buy much more oil during this period, so higher prices caused most of the increase.
In July, India bought 21.4 million tonnes of crude oil.
Russia supplied more than half of that oil.
Problems affecting important shipping routes made energy supplies more difficult and expensive.
India’s natural gas imports also became more costly.
India still earned money by exporting petroleum products, but its overall oil and gas bill increased.
India’s crude oil import bill rose 56.5% year-on-year to $63.4 billion during April-July of FY27.
Crude import volumes increased just 0.5% to 81.9 million tonnes during April-July, indicating prices drove most of the rise.
In July, India’s crude import bill rose 41% to $13.7 billion as imports increased 13.3% to 21.4 million tonnes.
The Indian crude basket averaged $82.04 per barrel in July, compared with $70.95 a year earlier.
Russia supplied 55.5% of India’s crude imports in July, while India’s net oil and gas bill reached $57.8 billion during April-July.
- Who
- India was the importer, with Russia as its largest crude supplier in July; the United Arab Emirates, Saudi Arabia, Venezuela, and Brazil were the other leading suppliers.
- What
- India’s crude oil import bill rose 56.5% year-on-year to $63.4 billion during April-July of FY27, while the July bill rose 41% to $13.7 billion.
- Where
- India sourced crude mainly from Russia, the United Arab Emirates, Saudi Arabia, Venezuela, and Brazil; supply disruptions affected routes through the Strait of Hormuz and Bab-el-Mandeb.
- When
- The figures cover April-July of FY27, with separate monthly data for July and comparisons with the previous year.
- Why
- Elevated crude prices, shipping-route disruptions, and India’s high dependence on overseas oil supplies increased import costs.
Key facts
- April-July crude import bill
- $63.4 billion, up 56.5% year-on-year; Rs 5.94 lakh crore in rupee terms
- April-July crude import volume
- 81.9 million tonnes, up 0.5% from 81.5 million tonnes
- July crude import bill
- $13.7 billion, up 41% year-on-year
- July crude imports
- 21.4 million tonnes, up from 18.9 million tonnes a year earlier
- Indian crude basket price
- $82.04 per barrel in July, compared with $70.95 a year earlier
- Largest crude supplier
- Russia accounted for 55.5% of India’s crude imports in July
- April-July net oil and gas bill
- $57.8 billion, compared with $40.3 billion a year earlier
- Crude import dependence
- 88.3% during April-July
Sources
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