India Crude Oil Import Bill Rises 46% to $90.6 Billion in April-September 2026

Written by: Team Angel OneUpdated on: 21 Oct 2026, 7:59 pm IST

India's crude oil import bill rose 46.3% to $90.6 billion during April–September 2026, even as import volumes remained almost unchanged.

India spent $90.6 billion on crude oil imports in the first six months of FY27, compared with a year earlier. As per Moneycontrol report, data from the Petroleum Planning and Analysis Cell (PPAC) shows that the increase was mainly driven by higher prices rather than a major rise in the quantity imported.

September 2026 Import Bill Jumps 46.6%

India imported 122.7 million tonnes of crude oil between April and September, slightly above the 121.8 million tonnes imported during the same period last year.

The pressure was sharper in September 2026. The monthly import bill rose 46.6% to $15.4 billion, while import volumes increased 6.8% to 21.7 million tonnes. The average Indian crude basket price also climbed to $121.25 a barrel in October 2026, up from $65.08 a year earlier.

Higher Oil Prices Could Widen Trade Deficit

Renewed tensions around the Strait of Hormuz and attacks on Saudi energy infrastructure have raised concerns about possible supply disruptions. Brent crude was trading near $110 a barrel on October 21 amid worries over shipping and supply routes.

India imports more than 85% of its crude oil requirements, making the economy vulnerable to sharp price increases. The country imports around 1.8–2 billion barrels annually, and every $1 increase in the price of a barrel can add roughly $2 billion to its annual import bill.

Conclusion

India's rising crude oil bill shows how quickly higher global prices can increase the cost of imports, even when the volume of oil purchased changes little. If prices stay elevated, the impact could extend to the trade deficit, inflation and the wider economy.

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Published on: Oct 21, 2026, 2:29 PM IST

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