{
  "id": 2136054,
  "title": "India’s Crude Oil Import Bill Jumps 57% To $63.4 Billion In April-July FY27 Despite Flat Volumes",
  "url": "https://urgent.news/2026/08/20/indias-crude-oil-import-bill-jumps-57-to-63-4-billion-in-april-july",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-20T12:26:00.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/indias-crude-oil-import-bill-jumps-57-to-634-billion-in-april-july-fy27-despite-flat-volumes"
  },
  "original_language": "en",
  "account": "India's crude oil import bill surged 57% to $63.4 billion in April-July of the current fiscal year, despite a modest 0.5% rise in crude purchases amounting to 81.9 million tonnes. The significant jump underscores the effect of soaring international oil prices on India's energy import expenses. According to the Petroleum Planning and Analysis Cell (PPAC), petroleum imports only climbed 0.5% to 81.9 million tonnes in the first quarter of the fiscal year, compared to 81.5 million tonnes in the same period last year. The import bill amounted to approximately ₹5.94 lakh crore. The rise in the oil bill is attributed to higher oil prices rather than a substantial surge in import volumes. The Indian crude basket averaged $82.04 per barrel in July, up from $70.95 in the same month last year. Brent crude averaged $83.41 a barrel in July, compared to $70.99 a year ago. Crude imports alone increased by 13.3% to 21.4 million tonnes in July, with the monthly import bill rising to $13.7 billion from $9.7 billion in July 2025. By July, India's crude import bill had climbed 61% to $49.8 billion, even with lower import volumes. Oil dependency remains a major factor in the energy bill's high expenses. India's combined net oil and gas import bill expanded to $57.8 billion during April-July, up from $40.3 billion a year earlier. Gross petroleum imports totaled $69 billion, up from $48.2 billion. Although petroleum product imports fell by 45.1% to 9 million tonnes, LNG imports rose to 11,867 million standard cubic metres, with a value of $5.6 billion. India's reliance on foreign crude oil remains exceptionally high, with crude oil import dependence at 88.3% during April-July, while domestic production dropped to 9.1 million tonnes from 9.5 million tonnes a year earlier. Overall oil and gas import dependence rose to 80.4%.",
  "summary": "India’s crude oil import bill rose nearly 57% year-on-year to $63.4 billion during April-July of FY27, even though the quantity of crude purchased from overseas remained largely stable. The sharp increase highlights the impact of higher international oil prices on India’s energy import costs. According to a report by Financial Express citing data from the Petroleum Planning and Analysis Cell…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}