India's crude oil import expenditure jumped 47% year-on-year to $15.4 billion in September as escalating tensions in West Asia pushed global energy prices higher, according to Petroleum Planning and Analysis Cell (PPAC) data.
However, crude import volumes increased only 7% to 21.7 million tonnes, compared with 20.3 million tonnes in September last year.
The sharp difference between expenditure and volumes reflected rising international oil prices.
India's crude basket averaged $116.09 per barrel during September, against $69.61 a barrel in the corresponding month last year.
Crude oil remains India's largest import commodity, accounting for approximately 20% of total merchandise imports.
Supply Disruptions Push Crude Prices Higher
India has continued purchasing oil at elevated prices to maintain domestic energy supplies amid regional instability.
Disruptions to shipping through the Strait of Hormuz and threats to the Bab-el-Mandeb passage, connecting the Red Sea and Gulf of Aden, have restricted energy flows from West Asia.
Despite supply uncertainties, Russia retained its position as India's largest crude supplier.
According to maritime intelligence firm Kpler, Russian oil accounted for 35% of India's total crude imports in September.
Russia, Iraq, Saudi Arabia, the United Arab Emirates (UAE) and Kuwait collectively supplied around 70% of the country's imported crude.
India's Net Oil And Gas Import Bill Rises Nearly 40%
India's net oil and gas import bill climbed nearly 40% year-on-year to $13.4 billion in September.
The figure represents expenditure on imported crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), adjusted for earnings from petroleum product exports.
During the month, LNG imports were valued at $1.2 billion, while petroleum product exports generated $4.8 billion.
Export earnings from petroleum products declined 24.6% compared with September last year.
The pressure on India's energy import expenditure was also visible in the first half of financial year 2026-27.
Between April and September, the country's crude oil import bill increased 46.4% to $90.6 billion.
Meanwhile, the net oil and gas import bill rose 35% to $81.1 billion over the same six-month period.
