India's crude oil import bill rises 26% to $49 billion in Q1 FY27 despite 18% fall in volumes

India's crude oil import bill rose significantly in early 2026-27. Higher global oil prices and supply disruptions increased costs for refiners. Russia remained India's largest crude oil supplier during this period. The nation imports most of its annual crude oil consumption. This dependence makes India vulnerable to global price fluctuations.

Raccontata daeconomictimes.indiatimes.com