India’s crude oil import bill rose 41 per cent to $13.7 billion in July, primarily driven by higher crude oil prices amid the ongoing West Asia crisis, according to the Petroleum Planning & Analysis Cell. In volume terms, oil imports rose 13 per cent to 21.4 million tonnes (mt) during the month, compared with 18.9 mt a year earlier.
The sharp rise in the import bill came as the Indian basket crude price averaged $82.04 a barrel in July, up from $70.95 a barrel a year earlier. Crude remains India’s largest import item, accounting for around 20 per cent of the country’s merchandise import bill.
Russia remained India’s largest crude oil supplier in July, accounting for 55.5 per cent of the country’s total crude imports, according to data from maritime intelligence firm Kpler. The top five suppliers — Russia, the United Arab Emirates, Saudi Arabia, Venezuela, and Brazil — together contributed more than 80 per cent of India’s crude oil imports during the month.
The country’s net oil and gas bill, which reflects spending on imports of petroleum products such as crude, liquefied natural gas (LNG) and liquefied petroleum gas, minus earnings from exports of refined products, rose 19 per cent year-on-year (Y-o-Y) to $11.2 billion in July. India’s petroleum exports registered growth of 8.3 per cent Y-o-Y in July amid a global fuel supply squeeze triggered by the West Asia crisis.
Crude oil imports accounted for $13.7 billion of the bill, while LNG imports stood at $1.2 billion. Petroleum product exports earned the country $5 billion during July.
The rise in exports came despite the government’s imposition of excise duty on petrol, diesel, and aviation turbine fuel exports after the onset of the West Asia crisis, which was aimed at discouraging overseas shipments and prioritising domestic fuel availability amid supply constraints.
India’s crude oil import bill rose 56.5 per cent to $63.4 billion in the first four months (April-July) of the current financial year (2026-27), while the net oil and gas bill increased 40.3 per cent to $57.8 billion.
