India Crude Oil Import Bill Surges 46% to $90.6 Billion
India's crude oil import costs rose to $90.6 billion between April and September 2026 due to spiking global prices driven by West Asia instability.
The Petroleum Planning and Analysis Cell reported that India's crude oil import bill rose 46.3% to $90.6 billion between April and September 2026. This cost increase occurred despite import volumes remaining nearly flat at 1222.7 million tonnes, indicating that elevated global prices were the primary driver of the expenditure.
The average price of the Indian crude basket reached $121.25 per barrel in October, a significant increase from $65.08 during the previous year. This price surge stems from supply concerns in West Asia, specifically shipping risks in the Red Sea, hostilities between the United States and Iran over the Strait of Hormuz, and Houthi rebel attacks on energy infrastructure in Saudi Arabia.
As the world's third-largest crude importer, India faces economic risks including a widened current account deficit. S&P Global Energy forecasts that Brent crude will maintain an average price of $90 or higher for the remainder of 2026.
