New Delhi: India’s crude oil import bill jumped 46.3 per cent to $90.6 billion in the April-September period, up from $61.9 billion in the same period last year, as higher global oil prices raised the cost of imports despite broadly unchanged volumes.
The crude imports stood at 122.7 million metric tonnes (MMT) during the six-month period, marginally higher than 121.8 MMT a year earlier, according to the latest Monthly Ready Reckoner released by the Centre’s Petroleum Planning and Analysis Cell (PPAC) late Friday.
Data indicates that the sharp increase in the import bill was largely price-driven, rather than a result of any rise in the quantity of crude purchased.
The Indian basket crude price averaged $116.09 a barrel in September, compared to $90.19 per barrel during August 2026 and $69.61 per barrel in September 2025, the PPAC report said.
For September alone, India’s crude oil import bill stood at $15.4 billion, about 47 per cent higher than the same month last year.
India remains heavily dependent on overseas supplies to meet its oil requirements, with crude import dependence at 88.1 per cent on a consumption basis during April-September, broadly unchanged from 88.3 per cent in the year-ago period.
The global exposure has become more significant amid a fresh rise in crude prices since September. Brent crude averaged $116.77 a barrel during September 2026, sharply higher than $90.84 in August and $68.02 in September 2025.
At the same time, domestic crude production has weakened. India produced 13.7 MMT of crude oil and condensate during April-September 2026, down from 14.2 MMT in the corresponding period last year. Crude oil alone fell to 12.8 MMT from 13.2 MMT.
Lower domestic production means a greater proportion of demand needs to be met through imports, increasing the impact of international oil price movements on the country’s import bill.
A prolonged period of elevated crude prices could also put pressure on India’s inflation, particularly through higher fuel and transportation costs.
India’s gross natural gas production declined 4.4 per cent to 16,804 million standard cubic metres (MMSCM) during April-September, from 17,585 MMSCM in the same period last year. At the same time, LNG imports rose 4.4 per cent to 18,189 MMSCM from 17,414 MMSCM in the same period.
The increase in LNG imports came even as overall natural gas consumption remained virtually unchanged at 34,769 MMSCM during the six-month period, compared with 34,773 MMSCM a year earlier. Gas import dependency consequently rose to 52.3 per cent from 50.1 per cent.
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Transport fuel demand rises as overall consumption falls
Domestic consumption of petroleum products declined 3.3 per cent to 114.8 MMT during April-September, from 118.7 MMT in the corresponding period last year, with the decline led by LPG, naphtha, bitumen and petcoke.
LPG consumption fell 15.5 per cent to 13.7 MMT from 16.2 MMT, while naphtha consumption declined 18 per cent to 4.8 MMT. Bitumen and petcoke consumption both fell 25.4 per cent.
However, demand for transport fuels remained strong during the period. High-speed diesel consumption grew 4.9 per cent to 47.9 MMT, while motor spirit (petrol) consumption increased 7.1 per cent to 22.7 MMT. Consumption of air turbine fuel (ATF) edged up 0.6 per cent to 4.4 MMT.
Meanwhile, domestic petroleum product production rose 0.2 per cent to 140 MMT during April-September, even as consumption declined. Refinery throughput increased 1.4 per cent during the period, indicating higher processing activity despite the overall fall in product consumption.
Edited by Sunanda Ranjan
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