India's crude oil imports fell 3% in August 2026 compared to the previous year, while spending on crude rose about 18% due to higher prices despite lower import volumes. This indicates that each barrel of imported crude cost more, increasing pressure on India’s energy import bill.
Net expenditure on oil and gas remained virtually flat at around $9.3 billion, with LNG import volumes and spending broadly stable. The data highlights the impact of volatile global oil prices on India's energy costs.
Although crude imports declined, higher prices offset the volume reduction, leading to significantly greater crude expenditure. These figures are important for India's trade balance and inflation outlook, considering its dependence on imported fossil fuels. The data also preceded renewed tensions in West Asia in early September.
