India's Crude Oil Import Bill Surges Amid Geopolitical Uncertainty

India's crude oil import bill increased by 26% to $49 billion in the first quarter of 2026-27, despite a decline in volumes. The country imported 59.7 million tonnes (MT) of crude between April and June, down from 73 MT in the same period last fiscal year.

The higher import bill was due to the West Asia conflict, which disrupted supplies and pushed global oil prices up. Brent crude touched nearly $120 a barrel at the peak of the conflict, while India's rupee weakened, adding to the cost of imports.

India's largest crude supplier, Russia, supplied oil at an average cost of $2,408 per tonne during the quarter, followed by the UAE at $2,213 per tonne. The country's heavy dependence on overseas crude makes it vulnerable to geopolitical disruptions.