India’s crude import bill rose 46.3% to $90.6bn in April-September, up from $61.9bn a year earlier. However, volumes barely moved. India imported 122.7 million tonnes of crude, against 121.8 million tonnes a year ago, according to data from the Petroleum Planning and Analysis Cell (PPAC).
Prices drive the crude import bill
The Indian crude basket averaged $116.09 a barrel in September. That compares with $90.19 in August and $69.61 a year earlier. As a result, the September bill alone reached $15.4bn, against $10.5bn a year before.
In other words, India paid about $29bn more for almost the same oil. That is why the crude import bill rose so fast. Also, the six-month bill already equals about 72% of the $125.8bn spent in the whole of FY26, the Financial Express calculated.
Rising dependence on imports
Meanwhile, home-grown output keeps slipping. Crude and condensate production fell to 13.7 million tonnes from 14.2 million tonnes. So import dependence stayed high at 88.1%. In contrast, petroleum product consumption fell 3.3% to 114.8 million tonnes, led by LPG.
The cost also hits the wider economy. For example, India’s net oil and gas import bill rose to $81.1bn from $60.2bn.
What to watch
Refiners have cut Russian crude imports to about 1.8 million barrels a day from about 2.7 million at the July peak, Hindustan Times reported. The replacement barrels cost more. At the same time, disrupted shipping through the Strait of Hormuz keeps supply risks high. Next, watch the October PPAC data for any easing.
