India’s Crude Oil Import Bill Soars 60% as Iran War Drives Prices Higher

India paid 60% more for crude oil imports in the April-June quarter compared to the same period last year, as the surge in oil prices couldn’t offset slightly lower import volumes.

The value of India’s crude oil imports jumped in the first quarter of India’s 2026/2027 fiscal year ending March 31, 2027, due to the elevated international crude oil prices, provisional data from India’s petroleum ministry showed on Monday.

The soaring bill threatens to impact India’s government finances and fiscal balances…