India's Oil Import Bill to Soar as Brent Crude Surges Past $95

Brent crude oil prices have surged past $95 per barrel due to renewed tensions in West Asia, raising concerns about India's import bill.

The price increase of around 20% from nearly $79 in early July has reversed the decline seen during a brief period of calm.

India imports nearly 90% of its crude oil requirement, making it highly sensitive to global prices. Its oil import bill was around $123 billion in FY26, and every $1 increase in crude prices sustained for a year could add about Rs 18,000 crore to the annual bill.

The country's refiners have diversified their imports towards Russia, the US, and Venezuela due to supply disruptions in West Asia. However, longer shipping routes and heavier crude grades have increased processing and transport costs.