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India crude import bill jumps 60% as Middle East-linked prices rise

India’s first-quarter 2026 to 2027 fiscal-year crude import value rose, and analysts warn the renewed price surge could pressure government finances and lift inflation risk.

Reported · Written up by our desk · Energy

India paid 60% more for crude oil imports in the April to June quarter than in the same period a year earlier, according to provisional data cited by OilPrice, with higher international oil prices failing to be offset by slightly lower import volumes.

The article says India’s crude oil import bill rose in the first quarter of its 2026/2027 fiscal year, which ends March 31, 2027, as the elevated price level increased the cost of each shipment.

OilPrice notes that India relies on imports for 88% of the crude oil it consumes daily, and it says about 40% of crude imports come from the Middle East via the Strait of Hormuz. It adds that any further re-escalation of hostilities there could crimp supply and raise India’s import costs again.

The piece also links the higher import bill to inflation concerns, stating that India’s Reserve Bank of India inflation target of 4% was exceeded in June, with consumer prices up 4.38% year over year, slightly above a 4.3% analyst forecast.

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