Oil Shock for India... Crude Import Bill Sees a Sharp Rise

India’s crude oil import bill surged 47% year-on-year to $15.4 billion in September 2026, reflecting the impact of higher international oil prices. However, the volume of crude oil imported during the month increased by just 7% to 21.7 million tonnes compared with September last year. The sharp rise in import expenditure, despite relatively modest growth in import volumes, highlights the significant effect of global price movements on India’s energy costs. Higher crude oil prices were the primary factor behind the increase in the country’s import bill.

The latest figures underscore India’s exposure to fluctuations in international energy markets. As a major importer of crude oil, India remains vulnerable to global price increases, which can raise the cost of energy imports and put pressure on foreign exchange expenditure. Higher oil prices may also affect transportation costs, fuel prices and inflation across the economy. Against this backdrop, managing import costs and reducing vulnerability to global energy price volatility remain important considerations for India’s economic and energy policy.