Russian oil helps India shave 17% off import bill
India just shaved 17% off its crude oil import bill between April and August 2025, bringing the total down to $50.4 billion from last year's $60.7 billion.
This big drop comes thanks to falling global oil prices and India benefiting from discounted Russian crude—even though overall import volumes dipped slightly.
Interestingly, India now relies on imports for over 80% of its crude needs, since domestic production slipped by 2%.
Refiners are making the most of Russian oil
Russian oil has been selling for $3-5 less per barrel than other sources, and Indian refiners are making the most of it—even with higher US tariffs on Indian goods exported to the US.
These savings aren't just good news for refinery profits; analysts say they're also helping India manage inflation, rein in the fiscal cost of fuel subsidies, and maintain refinery profitability despite global ups and downs.