India's Crude Oil Import Bill Surges to $63.4 Billion

The Government of India saw its crude oil import bill rise 56.5 percent to $63.4 billion between April and July 2026 compared to the same period last year. Data from the Petroleum Planning and Analysis Cell shows that while import volumes remained stable at 81.9 million tonnes, costs surged as global prices climbed.

Price volatility resulted from a shipping blockade in the Strait of Hormuz and ongoing conflict between the United States and Iran. These tensions pushed crude prices above $100 a barrel at peak levels, with Brent crude reaching $91.5 on August 19.

Government sources warn that the crude basket could average over $90 a barrel this fiscal year if the conflict in West Asia persists. Such a trend threatens to inflate the national import bill and widen the current account deficit.