India’s April-June crude oil import bill surged 60% year-on-year despite lower volumes, pressuring fiscal balances.
India’s crude oil import bill rose 60% in the April-June quarter compared to the same period last year, driven by elevated international oil prices. The increase occurred despite slightly lower import volumes, according to provisional data from the petroleum ministry.
The first quarter of India’s 2026/2027 fiscal year, ending March 31, 2027, saw the value of crude imports climb sharply. Last year’s comparable period had lower price levels, making the current surge more pronounced.
The higher costs threaten to strain government finances and fiscal balances, though immediate market reactions were not detailed in the data.