EconomyEnergy
India's crude import bill jumps 46% to $90.6 billion as oil prices soar
The country bought almost the same amount of oil in April-September as a year earlier but paid far more for it. September alone cost $15.4 billion, with the Indian basket averaging $116 a barrel.
Key points
- India spent $90.6 billion on crude imports in April-September, up 46.3% from $61.9 billion.
- Import volumes barely moved, at 122.7 million tonnes against 121.8 million tonnes.
- The Indian crude basket averaged $116.09 a barrel in September, up from $69.61 a year earlier.
India paid $90.6 billion for imported crude oil in the six months to September, 46.3% more than a year earlier, even though it bought only slightly more oil, according to data from the Petroleum Planning and Analysis Cell (PPAC), the oil ministry’s data arm.
In April-September 2025 the bill was $61.9 billion. Import volumes rose only to 122.7 million tonnes from 121.8 million tonnes, which means almost the entire increase came from higher prices.
September was the costliest month. India spent $15.4 billion on crude, about 47% more than in September last year. The Indian basket of crude, the average price its refiners pay, averaged $116.09 a barrel during the month, up from $90.19 in August and $69.61 a year earlier. Brent averaged $116.77.
Less at home, more from abroad
Domestic output is falling, which leaves the country more exposed. Production of crude oil and condensate fell to 13.7 million tonnes from 14.2 million tonnes. Dependence on imports was 88.1% on a consumption basis, almost unchanged from 88.3%.
Gas tells the same story. Domestic gas production fell 4.4%, while imports of liquefied natural gas rose 4.4%. India now imports 52.3% of the gas it uses, up from 50.1%.
High prices are also changing how people use fuel. Consumption of petroleum products fell 3.3% to 114.8 million tonnes, with cooking gas (LPG) use down 15.5%. Diesel demand rose 4.9% and petrol 7.1%.
The figures were released late on Friday. Brent closed at $109.86 a barrel the same night, below September’s average but far above last year’s prices, so the import bill will keep weighing on the rupee and the trade deficit.