India's crude import costs surge 26% in Q1 as volumes drop 18%
India's oil import expenditure rose 26% year-on-year in the first quarter of 2026-27, while the amount of crude bought fell 18%, amid supply disruptions from the West Asia conflict.
In the opening quarter of the 2026-27 fiscal year, India's spending on imported crude oil increased by 26% compared with the same period a year earlier, even though the volume of oil purchased declined by 18%. The rise in costs is linked to heightened prices caused by instability in West Asia. Russia remained the top supplier, providing crude at an average price of $2,408 per tonne, while oil from the United Arab Emirates averaged $2,213 per tonne.
Why it matters
Higher import costs strain India's trade balance and could affect domestic fuel prices.
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