India’s Oil Import Bill Jumps 48% as Crude Prices Soar
India’s Oil Import Bill Jumps 48% as Crude Prices Soar What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… India paid $24.4 billion more on crude oil purchases between April and August compared to a year earlier as the spikes in international oil prices raised the import bill by 48% despite a 0.4% decline in volumes, government data showed on Tuesday.
The oil price surge amid the war and the uneven flows from the Middle East hiked India’s crude oil import bill to $74.8 billion in April-August, up by 48.4% from the same period last year, per data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) cited by Indian outletBusiness Standard.
Total crude oil imports remained basically flat between April and August, slightly dropping by 0.4% to a total of 100.7 million metric tons of crude for the five-month period, down from 101.1 million tons for the same period in 2025, the datashowed.
India’s crude oil import billhas soaredin recent months, due to the reduced oil flows from the Middle East and the high risks to shipping in the Strait of Hormuz.
The freight rates on the key route from Ras Tanura on Saudi Arabia’s Persian Gulf to India have soared by more than 400% since February 28, when the war began and Iran closed off the Strait of Hormuz.
India paid60% more for crude oil importsin the April-June quarter compared to the same period last year, as the surge in oil prices couldn’t offset slightly lower import volumes.
India’s import costs for September are set to be even higher, as international prices hit $100 per barrel for Brent again, and the Indian crude import price has averaged$114.80 a barrelso far this month, according to government data.
TheIndian basket of crude oilis the average of a derived basket comprising a sweet-grade benchmark, Dated Brent, and the sour-grade benchmark of the Oman and Dubai average imported by Indian refineries during each month.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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