India's crude import bill hit $49.66 billion in Q1 FY27, the highest on record, as the West Asia conflict pushed prices to $114/bbl in April. PPAC data shows import dependence at 89.1%.
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India's crude oil import bill reached $49.66 billion in the first quarter of FY27, the highest on record for the April-June period, the Petroleum Planning and Analysis Cell reported. The 61% jump from a year earlier reflected the West Asia conflict's grip on global supply.
Volume was roughly steady at 60.48 million tonnes. The dollar value surged partly because the rupee weakened against the dollar. A similar volume in Q1 FY23 had cost $47.88 billion.
Import dependence held at 89.1% of consumption, matching the record set in Q1 FY26. For the full FY26 and FY25, the figures were 88.7% and 88.3%, respectively.
The conflict in the Middle East Gulf region, which started on February 28, 2026, is the largest disruption in energy supplies in history, PPAC said.
Before the crisis, the Indian crude basket was at $69 a barrel in February 2026. It soared to $136.68 in March. The average price was $114.48 a barrel (FOB) in April. It fell to $106.23 in May and $83.22 in June. Through July 29, the July average stood at $81.11 a barrel. Prices touched $103.33 on July 23 before dropping to $88.87 six days later.
CareEdge said global petroleum and liquid fuel output in June 2026 was about 10 million barrels per day lower than a year earlier, mostly due to production losses from the West Asia crisis. The rating agency expects supply to recover and move into surplus by January 2027, with the oil market projected to return to oversupply by Q3 FY27.
Active rig count data shows higher monthly additions, mainly in North America and Africa. Over the past few months, global oil markets have shown an ability to adjust trade flows quickly and moderate demand, CareEdge said. It cautioned that markets remain dependent on the evolving geopolitical situation.
India's reliance on imported crude has been rising steadily. The import dependence for FY26 and FY25 was 88.7% and 88.3%, respectively. The country's domestic output has not kept pace with growing demand, leaving it exposed to price shocks from supply disruptions.
For a broader view of how commodity markets are reacting to geopolitical risk, readers can track the latest developments in crude oil and other energy markets.
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