India's crude imports fall 17% in March amid U.S.-Israel-Iran tensions
India's crude oil imports took a 17% dive in March 2026, mostly because the U.S.-Israel conflict with Iran disrupted global supply chains and closed a key transportation route passing through the Strait of Hormuz, a key route for oil shipments.
Import volumes fell from 22.8 million to 18.9 million metric tons compared to last year.
Import bill down, HPCL profit ₹17,175cr
Even though India's average monthly crude import price rose 56.6% to $113.49 a barrel, India's import bill actually dropped nearly 5% to $11.7 billion, thanks to bringing in less oil (according to the Petroleum Planning and Analysis Cell).
For all of fiscal 2026, total imports cost $123.1 billion — down from last year — but overall volumes nudged up slightly.
Meanwhile, state-run HPCL saw profits soar by 133%, ending the year with ₹17,175 crore in net profit and a final dividend for shareholders.