India’s Oil Import Bill Jumps 48% as Crude Prices Soar

India's oil import bill surged by 48% in the April-August period, reaching a record $74.8 billion, despite a slight 0.4% decline in crude oil volumes, according to government data. The sharp increase in India's crude oil import bill can be primarily attributed to soaring international oil prices, driven by the ongoing war and disruptions in Middle Eastern oil supplies.

Although import volumes decreased by 0.4% to 100.7 million metric tons, the surge in crude prices pushed the Indian crude import price to an average of $114.80 per barrel this month, marking a 60% rise compared to the same period last year. The Indian oil import bill has seen a significant rise, with a 60% increase in April-June compared to the same period in 2025, primarily due to the high freight costs, which have skyrocketed by over 400% since the war began.