India’s Crude Import Bill Climbs 41% to $13.7 Billion in July 2026 Amid Higher Oil Prices

India spent $13.7 billion on crude oil imports in July 2026, 41% more than in the same month last year, according to a Business Standard report based on provisional PPAC data. The higher bill came as crude prices increased from a year earlier. 

Crude imports stood at 21.4 million metric tonnes (MMT) in July, compared with 18.9 MMT a year ago. Import volumes therefore rose 13.3% during the month. 

Crude Price Details 

The average price of India’s crude basket stood at $82.04 a barrel in July 2026, compared with $70.95 a barrel in the same month last year. 

Brent crude prices also moved sharply during the month as developments in West Asia affected the market. Brent crude futures were around $91.84 a barrel on Tuesday evening, up more than 1%. 

Import Dependence 

Imported crude accounted for 88.5% of India’s total crude oil consumption in July, according to provisional PPAC data. Crude oil also accounts for around 20% of India’s merchandise import bill. 

Russia was the largest source of crude imports, with a 55.5% share in July, according to maritime intelligence firm Kpler. The UAE, Saudi Arabia, Venezuela and Brazil were the other major suppliers. 

Together, the five countries accounted for more than 80% of India’s crude imports during the month. 

Petroleum Product Exports 

India exported 5.5 MMT of petroleum products in July, 10% more than a year earlier. Export earnings rose to $5 billion from $3.3 billion. 

The government had imposed excise duty on petrol, diesel and aviation turbine fuel exports after the start of the West Asia crisis. The measure was introduced as supply concerns increased. 

LNG Imports Data 

LNG imports saw a modest 1.5% year-on-year rise in July to 2,915 million standard cubic metres (MMSCM), while the import bill stood at $1.2 billion. 

Net Oil and Gas Bill 

India’s net oil and gas bill increased 19% year-on-year to $11.2 billion in July. For April-July, the crude import bill rose 56.5% to $63.4 billion, while the net oil and gas bill increased 40.3% to $57.8 billion. 

Read More: Government Approves 6-Month Incentive Scheme to Increase Domestic PNG Connections! 

Conclusion 

Higher crude prices and increased import volumes pushed up India’s crude oil import bill in July 2026. Petroleum product exports also increased during the month. 

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