India's crude oil import bill surged 56.5% to $63.4 billion from April to July 2026, driven by rising global prices and geopolitical tensions. Brent crude hit over $91 per barrel, signaling heightened economic pressure for India.
$63.4 billion
April-July Import Bill
April-July 2025: $40.5 billion→$63.4 billion
⏳ Time Machine
How today’s news fits into the bigger picture
1973
OPEC Oil Embargo
OPEC nations imposed an oil embargo, quadrupling crude prices and triggering a global economic crisis characterized by high inflation and recession. This highlighted the world's dependence on oil.
April 2025
Indian Crude Price: $67.70/barrel
The average price of India's crude basket was significantly lower at $67.70 per barrel, before the recent surge driven by geopolitical events.
January-July 2026
Indian Trade Deficit Widens
India's merchandise trade deficit widened to a six-month high of $31.98 billion in July, partly due to the escalating oil import costs.
July 2026
Russia Becomes Top Oil Supplier
Russia accounted for a record 50.83% of India's crude imports, as India diversified its energy sources amidst global supply disruptions.
August 19, 2026
Brent Crude Hits $91.44
Global Brent crude futures climbed to around $91.44 per barrel, marking a fourth consecutive daily gain amid Strait of Hormuz uncertainty and supply concerns.
Today
India's crude oil import bill soared to $63.4 billion due to a significant rise in global prices.
What happens next?
The government will likely continue efforts to diversify crude oil import sources and monitor global geopolitical developments closely to mitigate further price shocks.
India's crude oil import bill jumped by a staggering **56.5%** year-on-year, reaching **$63.4 billion** between April and July 2026. This sharp increase is largely due to escalating global crude oil prices, which have been fueled by geopolitical instability, particularly around the Strait of Hormuz, and recent Ukrainian drone attacks on Russian refineries. Brent crude futures climbed to around **$91.44 per barrel** yesterday, marking a fourth consecutive daily gain. As the world's third-largest oil importer, India faces significant economic pressure, impacting its trade balance, current account, and domestic inflation outlook.
💭 If you're wondering…
The Strait of Hormuz is a narrow passage between the Persian Gulf and the Gulf of Oman, acting as the sole sea passage from the Persian Gulf to the open ocean. A large portion of the world's crude oil and refined petroleum products pass through it, making it strategically vital for global energy supply. Tensions there increase oil price volatility.
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