India's crude oil prices drop below $60/barrel for 1st time since 2021

Business Jan 06, 2026

India's average crude oil import price just slipped to $59.92 per barrel in January 2026, the lowest since early 2021.
That's down from $62.2 last month, and experts at SBI Research think it could fall further to around $53 by March and $51.85 by June.

What's driving the drop?

Global oil supply is expected to exceed demand, while supply keeps piling up.
The US Energy Information Administration expects Brent crude to stay near $55 per barrel this quarter, and Indian prices are trending below key averages—so cheaper oil might stick around for a bit.

Why does this matter for India?

Every dollar drop in oil saves India about ₹13,000 crore a year on imports.
It also helps cool inflation and makes the rupee stronger against the dollar—good news for anyone keeping an eye on prices or travel costs!