India's Crude Oil Import Bill Surges 48% to $74.8 Billion

The Government of India saw its crude oil import bill rise 48.4% to $74.8 billion between April and August 2026 compared to the same period in 2025. This cost surge occurred despite a slight 0.4% decline in total import volumes, which reached 100.7 million metric tons.

Data from the Petroleum Planning and Analysis Cell attributes the increased spending to rising international oil prices and higher shipping costs. Freight rates from Ras Tanura, Saudi Arabia, to India increased by more than 400% following the closure of the Strait of Hormuz by Iran on February 28. This closure reduced oil flows from the Middle East and forced more expensive logistics.

Costs are expected to climb further in September. Brent crude has reached $100 per barrel, while the average Indian crude import price has risen to $114.80 per barrel.