India’s crude import bill up 26% in ’26-27 Q1 despite 18% volume fall

In the first quarter of the year, India’s crude oil import bill surged by twenty-six percent compared to last year, reaching forty-nine billion dollars, up from thirty-nine billion. Despite an eighteen percent drop in import volumes, rising oil prices, fueled by ongoing conflicts, significantly impacted costs. Russia emerged as India’s primary crude supplier, contributing over forty percent, and refiners incurred substantial war-risk premiums to ensure a reliable energy supply.