Overview
- PPAC data released Oct. 22 show India spent $15.4 billion on crude in September 2026, a 47% year‑on‑year rise driven by much higher oil prices.
- India’s crude basket averaged $116.09 per barrel in September while import volumes rose only 7% to 21.7 million tonnes, so higher prices, not larger shipments, explain the jump in costs.
- The country’s net oil and gas bill climbed about 40% to $13.4 billion in September and the six‑month (Apr–Sep) crude import bill reached $90.6 billion, widening India’s external energy burden.
- Petroleum product export earnings fell 24.6% to $4.8 billion in September and Russia supplied about 35% of India’s crude in that month, shifting how India sources oil.
- Market and policy actions such as IEA diesel releases and U.S. stock swaps have provided limited short‑term relief because of delivery, insurance and refinery constraints that keep a price premium in place.