India imported 21.7 million tonnes of crude oil in September, a 7% rise from 20.3 MT in September 2025. The country paid $15.4 billion, up 46% from $10.5 billion a year earlier. The average price per barrel climbed to $116.09, compared with $69.61 last year, while Brent averaged $116.77 against $68.02 in September 2025. The hike reflects sustained global price pressure and worries over supply disruptions from West Asia.
In the first half of the 2026‑27 fiscal year, India imported 122.7 MT of crude, marginally higher than 121.8 MT in the same period last year. Yet the import bill leapt to $90.6 billion from $61.9 billion, signalling a sharp cost increase for the government. The Ministry of Petroleum and Natural Gas has flagged the need to explore alternative sourcing and strengthen domestic refining.
LNG imports, meanwhile, cost $1.2 billion in September, unchanged from the previous year, even as volumes fell 8.5% to 2,957 MMSCM from 3,233 MMSCM. The price stability masks a shift toward higher‑cost liquid fuels as overseas supply chains tighten.
Overall, the net oil and gas import bill jumped 40% to $13.4 billion, up from $9.6 billion. A small shopkeeper in Delhi reported that petrol prices at his outlet have risen by 12% since September, reflecting the import cost spike.
The government plans to review import tariffs and negotiate new long‑term contracts before the upcoming fiscal budget, a move that could reshape India's energy security strategy.