India’s Crude Imports Drop to 18.9 MMT in March, Down 17% YoY Amid West Asia Crisis

India’s crude oil imports declined sharply in March 2026 amid the continuing crisis in West Asia. Provisional data released by the Petroleum Planning and Analysis Cell showed a year-on-year contraction in import volumes and related spending.

The decline came even as global crude prices moved higher during the month. The data highlighted contrasting trends across crude oil and natural gas imports.

Crude Oil Import Volumes Decline

According to provisional government data, India imported 18.9 million metric tonnes of crude oil in March 2026. This marked a significant decline from 22.8 million metric tonnes imported in March 2025.

On a year-on-year basis, this represented a contraction of about 17% in crude oil import volumes. The decline occurred during the first full month of prolonged disruptions to energy routes linked to the West Asia crisis.

Lower Crude Import Spending

Lower import volumes translated into reduced crude oil import spending for India. The country spent $11.7 billion on crude oil imports in March 2026, compared with $12.3 billion in the same month last year.

This resulted in a reduction of about 4.9% in import expenditure despite higher global prices. The development reflected the impact of reduced volumes offsetting elevated per-barrel costs.

Impact of Rising Crude Prices

Crudely, global price pressures remained elevated during the period under review. India’s basket crude price averaged $113.49 per barrel in March 2026.

This marked a sharp rise from the average price of $69.01 per barrel recorded in February 2026. The increase underscored the pricing impact of geopolitical tensions affecting crude supply routes and global energy markets.

Gas Imports and Consumption Trends

While crude imports declined, data showed a contrasting trend in the natural gas segment. India’s total natural gas consumption rose 7.2% year-on-year to 5,727 million metric standard cubic metres in March 2026.

Imports of liquefied natural gas increased by more than 20% during the month as India pushed piped natural gas adoption to ease reliance on liquefied petroleum gas. However, the net oil and gas import bill remained nearly flat at $11 billion, marginally lower than $11.3 billion recorded a year earlier.

Read More: Crude Oil Prices Surge because of Strait of Hormuz Closure.

Conclusion

The provisional data for March 2026 highlighted the immediate impact of the West Asia crisis on India’s energy imports. Crude oil import volumes and spending declined sharply even as average prices rose significantly during the month.

At the same time, India recorded stronger natural gas consumption and increased LNG imports. The figures also reflected caution from the PPAC, which noted that final LNG import numbers could be lower due to ongoing geopolitical disruptions.

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