India's crude imports down 3% since August last year but bill up 18%

NEW DELHI: India's crude oil imports fell 3% in Aug from a year earlier while the import bill increased by over 18%, as renewed hostilities in West Asia disrupted energy supplies. Provisional data compiled by Petroleum Planning & Analysis Cell showed that India imported 19 million tonnes (MT) of crude in Aug, compared with 19.6 MT a year earlier. It spent $11.7 billion on crude purchases, up from $9.9 billion a year ago, reflecting the surge in global oil prices. The Indian crude basket averaged $90.19 a barrel in Aug this year, up from $69.11 a year ago. Disruptions to crude supplies through Strait of Hormuz and Bab el-Mandeb, key transit routes, along with higher crude prices, freight rates and war-risk insurance premiums, have put significant pressure on the country's energy sourcing and import bill. Crude imports in Aug were down 11.2% from July, when the volume of purchases stood at 21.4 MT. Data showed that the net oil and gas import bill remained unchanged at $9.3 billion in Aug 2026 compared with Aug 2025. Crude oil imports were valued at $11.7 billion and LNG imports at $1.2 billion, while exports stood at $5 billion. Petroleum product consumption fell 2.8% to 18.6 MT in Aug 2026 from 19.1 MT during the corresponding period last year. Growth in petrol (8.2%) and high-speed diesel (6.8%) was offset by a decline in LPG (17.1%) and naphtha (22.3%) consumption. tnn