India paid $24.4 billion more for crude oil purchases in April-August than it did a year earlier, as a sharp rise in global oil prices pushed the country’s import bill up by 48% despite a slight decline in volumes.
Government data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), cited by Business Standard, showed that India’s crude oil import bill reached $74.8 billion in April-August. That was 48.4% higher than in the same five-month period of 2025.
Import volumes, however, were broadly unchanged. India brought in 100.7 million metric tons of crude over the five months, compared with 101.1 million tons in the same period a year earlier, a decline of just 0.4%.
The report said the surge in import costs reflected both higher oil prices amid the war and uneven flows from the Middle East. Shipping risks in the Strait of Hormuz added further pressure.
Freight rates on the key route from Saudi Arabia’s Ras Tanura to India have jumped by more than 400% since February 28, when the war began and Iran shut the Strait of Hormuz, according to the report.
In the April-June quarter, India paid 60% more for crude imports than it did in the same period last year. Higher prices more than offset the effect of slightly lower import volumes.
September import costs are expected to rise further. Government data show Brent has returned to $100 per barrel, while the average price of India’s imported crude has stood at $114.80 a barrel so far this month.
The Indian basket of crude oil is calculated as the average of a derived basket made up of the sweet-grade benchmark Dated Brent and the sour-grade benchmark Oman and Dubai average imported by Indian refineries during each month.
