India's crude price falls from $114.5 to $77.6 per barrel
India's average crude oil price has dropped sharply, from $114.5 per barrel in April 2026 to $77.6 per barrel in July 2026.
The government says geopolitical tensions in West Asia had previously pushed prices (and India's import bills) way up.
Now, this price fall could help balance the economy and relieve some financial pressure.
Oil drop aids India's external sector
Lower oil prices, along with rising services exports and remittances, are expected to make things easier for India's external sector.
The government has tweaked gasoline and diesel taxes and can draw on fiscal reserves to handle price swings.
Despite global uncertainty, inflation stayed moderate at 3.9% in the first quarter of fiscal 2026-27, and the RBI projects GDP growth of 6.6% and CPI inflation of about 5.1% for 2026-27 (the 2026-27 fiscal year).