India’s crude import bill up 26% in ’26-27 Q1 despite 18% volume fall

AI Summary

India's crude oil import bill increased by 26% in the first quarter of 2026-27, reaching $49 billion despite an 18% decline in volume, driven by rising oil prices amid ongoing global conflicts. Russia supplied over 40% of India's crude, and refineries paid significant war-risk premiums to maintain energy security.

In the first quarter of the year, India's crude oil import bill surged by twenty-six percent compared to last year, reaching forty-nine billion dollars, up from thirty-nine billion. Despite an eighteen percent drop in import volumes, rising oil prices, fueled by ongoing conflicts, significantly impacted costs. Russia emerged as India's primary crude supplier, contributing over forty percent, and refiners incurred substantial war-risk premiums to ensure a reliable energy supply.