India’s Crude Oil Import Bill Jumps 41% To $13.7 Billion In July As Oil Prices Rise

The average price of the Indian crude basket rose significantly during the month. It stood at $82.04 per barrel in July, against $70.95 per barrel in July last year.

Crude oil is India's largest import item and makes up around one-fifth of the country's overall merchandise import bill.

Source : Freepik

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Key points generated by AI, verified by newsroom

• India's July crude oil imports surged 41% to $13.7 billion.
• Higher international prices, West Asia crisis impacted imports significantly.
• Russia supplied over half of India's crude oil during July.

India spent $13.7 billion on crude oil imports in July, 41 per cent more than in the same month last year, as higher international oil prices increased the cost of overseas purchases, according to data from the Petroleum Planning & Analysis Cell (PPAC).

The increase in expenditure came alongside a rise in the quantity of crude imported. Imports stood at 21.4 million tonnes (mt) in July, compared with 18.9 mt in the year-ago period, marking a 13 per cent increase.

Oil Prices Add To India’s Import Burden

The average price of the Indian crude basket rose significantly during the month. It stood at $82.04 per barrel in July, against $70.95 per barrel in July last year.

Crude oil is India's largest import item and makes up around one-fifth of the country's overall merchandise import bill.

The higher prices came against the backdrop of continuing disruption in energy supplies linked to the West Asia crisis. Restrictions on traffic through the Strait of Hormuz, along with threats to shipping through the Bab-el-Mandeb route between the Red Sea and Gulf of Aden, have affected energy flows from the region.

Russia Accounts For Over Half Of July Imports

Russia maintained its position as India's biggest crude supplier during July, accounting for 55.5 per cent of the country's total crude oil imports, data from maritime intelligence firm Kpler showed, reported Business Standard.

The UAE, Saudi Arabia, Venezuela and Brazil followed Russia among India's key suppliers.

Combined, these five countries accounted for more than 80 per cent of the crude oil imported by India during the month.

Petroleum Exports Rise Despite New Export Duty

India's petroleum exports increased 8.3 per cent year-on-year in July, even as the West Asia crisis contributed to a squeeze in global fuel supplies.

The government had imposed excise duty on exports of petrol, diesel and aviation turbine fuel after the crisis began. The measure was intended to discourage overseas shipments and give priority to domestic fuel availability amid supply pressures.

Despite the measure, petroleum product exports generated $5 billion in July.

LNG imports added another $1.2 billion to the country's energy import expenditure.

After taking petroleum product export earnings into account, India's net oil and gas bill rose 19 per cent year-on-year to $11.2 billion in July. This measure includes imports of crude, LNG and LPG, net of earnings from refined petroleum product exports.

Crude Import Costs Surge 56.5% In April-July

The sharp increase recorded in July has also contributed to a substantial rise in India's crude import expenditure during the first four months of the 2026-27 financial year.

India's crude oil import bill between April and July rose 56.5 per cent year-on-year to $63.4 billion.

Over the same period, the net oil and gas bill increased 40.3 per cent to $57.8 billion.

The July figures reflect the combined impact of higher crude prices and increased import volumes, as India continued to source energy amid supply disruptions associated with the West Asia crisis.