India’s Russian Crude Imports Surge 34%: Impact on Your Wallet

India’s imports of Russian crude oil, the raw, unrefined petroleum used to produce fuels like petrol and diesel, surged by a significant 34% in June 2026 compared to May, reaching an all-time high. This makes India the second-largest global buyer, trailing only China, according to a report from the Centre for Research on Energy and Clean Air (CREA). This substantial intake, valued at EUR 4.5 billion, represented 83% of India’s total Russian fossil fuel imports, which amounted to EUR 5.5 billion, and it’s a development that likely impacts your everyday fuel expenses and, by extension, your household budget.

This robust increase wasn’t an isolated event; India’s overall crude oil imports grew by 5.4% month-on-month, indicating a broader rise in energy demand. Several major domestic refineries significantly ramped up their Russian crude intake. Reliance Industries’ Jamnagar refinery saw a remarkable 150% jump, Indian Oil Corporation’s Paradip refinery increased imports by 126%, Bharat Petroleum Corporation Ltd’s Kochi refinery by 83%, and Nayara Energy’s Vadinar refinery by 45%. These figures underscore the widespread adoption of Russian crude across the Indian refining sector.

Interestingly, despite Russia boosting its crude export volumes by 14% in June, its crude oil export revenues actually fell by 8% month-on-month to EUR 348 million per day. This dip was primarily due to lower global crude prices, meaning India is likely securing its energy at more competitive rates. For you, this translates into a potential buffer against rising domestic fuel prices and can help to stabilise broader inflation trends, which directly influence the purchasing power of your income and the real value of your long-term savings plans, such as SIPs or mutual fund investments.

Beyond satisfying domestic energy needs, India is also playing an increasingly strategic role in the global energy market. Indian refineries are processing this Russian crude into refined petroleum products. In June, these refined products, worth EUR 814 million, were then exported to countries that have imposed sanctions on Russia, including the European Union, Australia, and the United States. This highlights India’s critical position in global energy supply chains and its ability to navigate complex geopolitical landscapes. By strategically sourcing and refining crude, India enhances its energy security, a fundamental pillar for sustained economic growth and stability, which ultimately benefits everyone’s financial well-being.