India’s oil import bill rose sharply in April to July 2026 as global crude prices surged. The country spent $63.4 billion, marking a 56.5% increase compared with last year. Import volumes stayed nearly flat at 81.9 million tonnes, but higher prices drove costs upward. July alone saw a 41% rise in the bill to $13.7 billion, with volumes climbing 13.2% to 21.4 million tonnes.
The Indian crude basket averaged $114.48 per barrel in April against $67.7 last year, while July averaged $82.04 compared with $70.9 a year earlier. Brent crude touched $91.5 on August 19 after tensions in West Asia disrupted shipping routes. India, which imports more than 85% of its crude needs, faces rising risks as every $1 increase per barrel adds about $2 billion to the annual import bill.
Analysts warn that if geopolitical tensions persist, India’s crude basket may average above $90 per barrel this fiscal. This could widen the current account deficit and weigh on economic stability. Government sources expect prices to settle around $80 to $85, but sustained high costs remain a concern. The challenge is not supply but affordability, which may affect growth and fiscal balance.