India's Crude Import Bill Surges Over 50% Despite Lower Volume

The volume of crude purchased by India in April this year fell by 4.3% compared with the same period last year, but the import bill surged by more than 50% due to a sharp rise in global oil prices, provisional data compiled by govt’s Petroleum Planning and Analysis Cell showed. India imported 20.1 million tonnes (MT) of crude in April this year and paid $16.3 billion for it, compared with 21 MT purchased for $10.7 billion in the same month last year. Crude prices surged nearly 70% between April 2025 and April 2026, with the Indian oil basket averaging $114.48 per barrel this year against $67.72 per barrel in 2025. As LPG supplies from West Asia remained restricted due to the war and disruption in the key trade route through the Strait of Hormuz, Indian refineries ramped up production by 30% — from one million tonne (MT) in April 2025 to 1.3 MT in the first month of this fiscal. Consumption, however, declined from 2.5 MT to 2.2 MT during the period, as supply was regulated through delivery authentication codes, or OTPs, and the booking period for refills was increased to 25 days in urban areas and 45 days in rural areas. Imports of liquefied natural gas (LNG), which is used to produce automobile fuel CNG and cooking gas PNG, fell by nearly 30% — from 2,778 million metric standard cubic metres (mmscm) in April 2025 to 1,954 mmscm this year. Domestic production also declined from 2,908 mmscm to 2,787 mmscm. With LNG supplies constrained, companies sourced cargoes from Nigeria, Angola, Oman and Indonesia. Total natural gas consumption in April 2026 stood at 4,703 mmscm, 16.7% lower than in the corresponding month of the previous year.