India’s Crude Import Bill Jumps 57% to $63.4B (Apr-Jul)

India’s crude oil import bill surged by nearly 57% year-on-year, reaching $63.4 billion during April-July of FY27. This significant increase occurred despite import volumes remaining almost flat, primarily driven by elevated global crude prices.

Data from the Petroleum Planning and Analysis Cell (PPAC) revealed that crude imports rose by a mere 0.5% to 81.9 million tonnes (MT) in these four months. This compares to 81.5 MT in the previous year, with the bill amounting to Rs 5.94 lakh crore in rupee terms.

Quarterly and Monthly Breakdown

The pressure from rising import costs was also evident in the June quarter, where the crude import bill climbed 61% year-on-year to $49.8 billion. This surge happened even with lower import volumes during that specific period.

• July imports: 21.4 MT, a 13.3% increase from July 2025.
• Monthly import bill for July: $13.7 billion, up from $9.7 billion.
• Average price of Indian crude basket in July: $82.04 a barrel, compared to $70.95 in July 2025.

Widening Net Oil and Gas Bill

Consequently, India’s net oil and gas import bill expanded to $57.8 billion during April-July, a substantial rise from $40.3 billion in the corresponding period last year. This higher overall bill persisted despite a sharp decline in petroleum product imports.

• Petroleum product imports volume: Down 45.1% to 9 MT.
• Liquefied natural gas (LNG) import bill: Rose to $5.6 billion.

The country’s high overseas dependence remains a critical concern, with crude oil import dependency at 88.3% during April-July. Overall oil and gas import dependence stood at 80.4% for the same period, while domestic crude production experienced a decline.