India’s crude oil import bill rose 47 per cent to $15.4 billion in September, driven by soaring energy prices as attacks intensified in West Asia, according to data from the Petroleum Planning and Analysis Cell (PPAC). In volume terms, oil imports rose by only 7 per cent to 21.7 million tonnes (mt) during the month, compared with 20.3 mt a year earlier.
The sharp rise in the import bill came as the Indian basket crude price averaged $116.09 a barrel in September, up from $69.61 a barrel a year earlier. Crude remains India’s largest import item, accounting for around 20 per cent of the country’s merchandise import bill.
India has been sourcing energy at higher costs to ensure domestic availability during the ongoing crisis. Energy prices have surged in recent months due to supply disruptions triggered by the blockage of traffic through the Strait of Hormuz and threats to Bab-el-Mandeb, another narrow maritime route that connects the Red Sea and the Gulf of Aden, constraining supplies from West Asia.
Russia remained India’s largest crude oil supplier in September, accounting for 35 per cent of the country’s total crude imports, according to data from maritime intelligence firm Kpler. The top five suppliers — Russia, Iraq, Saudi Arabia, the United Arab Emirates (UAE) and Kuwait — together accounted for 70 per cent of India’s crude oil imports during the month.
The country’s net oil and gas bill, which reflects spending on imports of petroleum products such as crude oil, liquefied natural gas (LNG) and liquefied petroleum gas, minus earnings from exports of refined products, rose almost 40 per cent year-on-year (YoY) to $13.4 billion in September. India’s petroleum exports declined 24.6 per cent YoY in September.
Crude oil imports accounted for $15.4 billion of the bill, while LNG imports stood at $1.2 billion. Petroleum product exports earned the country $4.8 billion during September.
India’s crude oil import bill rose 46.4 per cent to $90.6 billion in the first six months (April-September) of the current financial year (2026-27), while the net oil and gas bill increased 35 per cent to $81.1 billion during the period.
