Crude import bill down 17% to $22 bn in Apr-May

OIL TURMOIL

- ARUNIMA BHARADWAJ

INDIA'S CRUDE IMPORT bill declined by 16.6% during the first two months of financial year 2025-26, to $22 billion compared to $26.4 billion in the year-ago period, according to data from the Petroleum Planning and Analysis Cell.

The decline is attributable to the subdued crude prices during the period.

The country imported 44.6 million tonne of crude oil during Apr-May, marking a marginal 2.5% increase from 43.5 million tonne in the corresponding period last year.

India's reliance on crude oil imports increased to 82% during the period, up from 80% in the same period of last year, amid rising demand.

During May, the country imported 23.3 million tonne of crude oil, up from 22 million tonne.

In value terms, the crude oil import bill declined 16% to $11.3 billion.

In May, India imported 1.87 million barrels per day of crude oil from Russia, down slightly from 1.96 mbd in April, though it remained the largest single supplier.