India paid $15.4bn for crude in September despite importing just 7% more oil, as the country’s average basket price jumped to $116.09 a barrel.
India’s crude import bill jumped sharply in September even though the country bought only a modest amount more oil, underscoring how elevated global prices have swollen the cost of energy imports. According to provisional figures from the Petroleum Planning and Analysis Cell, India imported 21.7 million tonnes of crude last month, up 7% from a year earlier, yet the value of those shipments climbed 46% to $15.4 billion.
The main driver was price. The Indian crude basket averaged $116.09 a barrel in September, far above $69.61 in the same month last year and higher than August’s $90.19, according to the data. It also touched a monthly high of $130.19 on 15 September as concerns persisted over supply disruptions from West Asia. Brent crude tracked the same pattern, averaging $116.77 a barrel during the month.
The cost pressure has carried through the financial year so far. Between April and September, India imported 122.7 million tonnes of crude, only slightly more than the 121.8 million tonnes bought in the same period a year earlier, but the import bill surged to $90.6 billion from $61.9 billion. That reflects a widening gap between volumes and prices, with the country paying far more for roughly similar amounts of oil.
The broader energy picture was little relief. LNG import volumes fell 8.5% in September to 2,957 million standard cubic metres, though the bill stayed flat at $1.2 billion. The combined net oil and gas import bill rose to $13.4 billion from $9.6 billion a year earlier, and climbed to $81.1 billion in the first half of the financial year from $60.2 billion previously. Recent reporting by The Economic Times suggested India’s crude inflows reached a 2026 high in September, helped by stronger Gulf supply and higher flows through the Strait of Hormuz, even as geopolitical tensions kept markets uneasy.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
