India's Q1 FY2027 oil bill jumps 26% to $49 billion
Business
India's oil import bill shot up to $49 billion in Q1 FY2027, a 26% jump from last year, even though we actually bought less oil (volumes dropped by 18%).
The main reason? Global crude prices soared thanks to political tensions, especially after the U.S.-Iran conflict heated up in February 2026.
Brent neared $120, India's imports costlier
Brent crude prices nearly hit $120 per barrel, and with India importing about 88% of its oil, that really stings.
Extra costs like shipping, insurance, and a weaker rupee made things worse.
Russia supplied over 40% of our imports at an average price of $2,408 per ton, while the UAE and Saudi Arabia also chipped in.
Regional conflicts, like those near the strategic waterway of Hormuz, kept pressure high.