Petrol prices across India stayed mostly unchanged on October 19, 2025, with no major variations reported in key metro cities.
In Thiruvananthapuram, petrol is priced at ₹107.56 per litre, Hyderabad ₹107.41, Mumbai City ₹104.21, Kolkata ₹103.94, Chennai ₹100.85, Bangalore ₹99.84, and New Delhi ₹94.72.
The relative stability in pump prices comes amid ongoing discussions on India’s crude oil sourcing strategy, particularly its imports from Russia.
How Russia became India’s largest oil supplier
India is the world’s third-largest oil-importing and consuming country, sourcing roughly 87 per cent of its 5.5 million barrels per day crude oil needs from abroad. Traditionally reliant on Middle Eastern suppliers like Iraq, Saudi Arabia, and the UAE, India shifted significantly to Russian oil after Western sanctions against Moscow following its February 2022 invasion of Ukraine.
Russia’s share of India’s imports rose from just 1.7 per cent in 2019-20 to 40 per cent in 2023-24, making it the largest oil supplier. In FY25, India imported 88 million tonnes from Russia out of 245 million tonnes in total. Discounts on Russian crude—USD 19-20 per barrel in 2023, now narrowing to USD 3.5-5—have been a key factor in this shift.
Current oil import numbers and stability
India’s crude imports in September averaged 4.7 million barrels per day, up 220,000 bpd month-on-month and stable year-on-year. Russian crude remained the largest contributor at 1.6 million bpd (34 per cent). Early October supplies averaged 1.77 million bpd.
Other major suppliers included Iraq at 1.01 million bpd, Saudi Arabia at 830,000 bpd, the US at 647,000 bpd, and the UAE at 394,000 bpd. Analysts note that ongoing contracts ensure stable Russian imports at least until the end of November, which helps maintain domestic petrol price stability.
Can India stop Russian oil imports?
Cutting off Russian supplies immediately is near impossible due to pre-contracted deliveries. Analysts say current flows of 1.6-1.8 million bpd are realistic for the coming weeks.
Kpler data indicates that Donald Trump’s claims that India will halt Russian imports are political posturing, with no official confirmation from New Delhi. Imports in October are tracking at 1.8 million bpd, up 250,000 bpd from September. Minor dips in July-September were largely due to refinery maintenance rather than tariff concerns.
Economics of Russian crude and petrol price stability
Russian crude remains critical for India, contributing roughly 34 per cent of total imports. It offers high distillate yields and strong compatibility with India’s refining infrastructure, enabling both state-owned and private refiners to maintain margins and stable output.
This structural reliance on Russian oil has been a key factor in keeping retail petrol prices steady, even as global crude rates fluctuate. By securing discounted supplies, India buffered domestic pump prices, which now show only minor variations across metros.
Options and alternatives
Technically, Indian refiners can operate without Russian crude, but replacements involve economic and strategic trade-offs. Middle Eastern crude is the most viable substitute, while US and African/Latin American grades can fill tactical gaps. Analysts estimate that losing Russian crude could add USD 3-5 billion annually in import costs, while logistical and refining challenges limit large-scale shifts to US crude.
Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings, Icra Ltd, said, “Icra believes domestic refiners will purchase crude from various sources guided by economics and availability,” adding that declining Russian discounts have made Middle Eastern crude increasingly attractive.
