India’s crude oil import bill surged 47% year-on-year to $15.4 billion in September 2026, with import volumes rising 7% to 21.7 million metric tonnes (MMT), according to provisional data from the Petroleum Planning and Analysis Cell (PPAC). The sharp increase in expenditure reflects renewed conflict in West Asia, underlining the impact of global energy market volatility on India’s import costs.
The rise in crude oil spending pushed India’s net oil and gas import bill up 39.6% to $13.4 billion during September. This net import bill is calculated by subtracting petroleum product exports from the combined imports of crude oil, petroleum products, and natural gas.
Petroleum product export volumes fell 24.2% to 4.7 MMT, while export revenue increased about 20% to $4.8 billion. Meanwhile, liquefied natural gas (LNG) imports dropped 8.5% to 2,957 million standard cubic metres (MMSCM) from 3,233 MMSCM a year earlier. Despite the lower volumes, the LNG import bill remained nearly steady at $1.2 billion.
These figures illustrate the pressure on India’s energy trade costs as crude oil prices rise amid geopolitical tensions. The increase in the net oil and gas import bill, combined with declining petroleum product exports, highlights how global market conditions continue to influence the country’s import expenditure.
