Archive · 20 Aug 2026
India’s Crude Oil Import Bill Soars Despite Stable Volumes
India buys a lot of crude oil from other countries to make fuel.
During the first four months of FY27, India bought almost the same amount of crude as the year before.
However, the oil cost much more per barrel.
Because of these higher prices, India’s total crude oil bill jumped to $63.4 billion.
In July, the price of India’s crude basket was about $82 per barrel.
India’s imports of crude also increased in July compared with the previous year.
Domestic oil production fell slightly during the period.
This means India remained highly dependent on imported oil.
India’s crude oil import bill rose 57% year-on-year to $63.4 billion during April-July of FY27.
Crude import volumes increased just 0.5% to 81.9 million tonnes from 81.5 million tonnes a year earlier.
India’s crude basket averaged $82.04 per barrel in July, up from $70.95 the previous year.
July’s crude imports rose 13.3% to 21.4 million tonnes, while the monthly bill reached $13.7 billion.
Crude oil import dependence stood at 88.3% as domestic production fell to 9.1 million tonnes.
- Who
- India and its overseas crude oil suppliers.
- What
- India’s crude oil import bill rose 57% to $63.4 billion despite nearly flat import volumes.
- When
- April-July of FY27; July figures are also reported separately.
- Where
- India and international oil markets.
- Why
- Higher international crude prices increased import costs, while India remained heavily dependent on overseas oil.
- Crude import bill
- $63.4 billion during April-July of FY27, up nearly 57% year-on-year.
- Crude import volume
- 81.9 million tonnes, up 0.5% from 81.5 million tonnes.
- Rupee value
- About ₹5.94 lakh crore during April-July.
- July crude price
- India’s crude basket averaged $82.04 per barrel, compared with $70.95 a year earlier.
- July import bill
- $13.7 billion, up from $9.7 billion in July 2025.
- Oil import dependence
- Crude oil import dependence was 88.3%; overall oil and gas import dependence was 80.4%.
- Domestic production
- Domestic crude production declined to 9.1 million tonnes from 9.5 million tonnes.