India’s September crude oil bill spikes 47% to $15.4 billion amid price surge

In September, India’s crude oil import expenditure climbed 47% to $15.4 billion, reflecting a surge in the Indian basket price to $116.09 per barrel, up from $69.61 a year earlier. Physical imports increased modestly to 21.7 million tonnes, a 7% rise over the same month last year. The price spike coincided with heightened conflict in West Asia, where blockages in the Strait of Hormuz and threats to the Bab-el-Mandeb chokepoint have constrained supply.

Russia supplied the largest share of India’s crude at 35%, while Iraq, Saudi Arabia, the United Arab Emirates and Kuwait together contributed 70% of total imports. Over the April-September fiscal period, the crude oil bill grew 46.4% to $90.6 billion, and the broader net oil and gas bill rose 35% to $81.1 billion. LNG imports accounted for $1.2 billion of the September bill, and petroleum product exports fell 24.6% year-on-year, earning $4.8 billion.