West Asia Conflict Drives India's Net Oil Import Bill to Record High

India's net oil and gas import bill surged by 43% to $57.8 billion between April and July 2026, driven by the West Asia conflict.

The country's net expenditure on petroleum imports hit a record high, up from $40.3 billion during the same four-month window last year.

Energy economists at the Reserve Bank of India note that a sustained $10 per barrel increase in crude oil prices typically widens India's current account deficit by 0.4% of GDP and pushes inflation up by roughly 30 basis points.

The West Asian conflict has triggered a massive surge in India's net oil import bill, exposing the country's profound economic vulnerabilities to geopolitical shocks.