BackECONOMY
India’s crude imports fall 17% amid supply shock
In March 2026, India’s crude imports fell 17.1% year-on-year as global supply disrupted by conflict in the region. Despite higher crude prices, the import bill declined about 4.9%, with weaker volumes and a volatile market influencing energy costs and the rupee.
Why It Matters
The decline illustrates how geopolitical shocks affect India’s energy import costs and volumes, with implications for public finances, energy security, and state-owned oil companies' profitability.
Timeline
14 Events
May 19, 2026: BPCL results due
May 19, 2026
Bharat Petroleum Corporation Ltd (BPCL) is expected to declare its financial results on May 19, 2026.
May 18, 2026: IOC results due
May 18, 2026
Indian Oil Corporation (IOC) is expected to declare its financial results on May 18, 2026.
May 15, 2026: Oil minister notes losses from not raising retail fuel prices
May 15, 2026
Oil Minister Hardeep Puri stated that Indian oil companies are collectively losing ₹1,000 crore per day because retail fuel prices have not yet been raised.
May 15, 2026: Experts caution on FY27 due to rising crude prices
May 15, 2026
Experts warned that the sharp rise in crude prices from March could weigh on the first quarter of FY27 performance amid evolving geopolitical tensions.
May 13, 2026: HPCL Q4 FY26 net profit up 46% to ₹4,901.50 crore; full-year ₹17,175 crore
May 13, 2026
Hindustan Petroleum Corp. Ltd (HPCL) reported a 46% rise in Q4 FY26 net profit to ₹4,901.50 crore, and full-year net profit of ₹17,175 crore, a 133% jump from FY25. Final dividend of ₹19.25 per share was declared, in addition to an interim dividend of ₹5 per share.
March 31, 2026: 243.2 MMT (2024-25) vs 245.4 MMT (2025-26) in volumes
March 31, 2026
In volume terms, India imported 243.2 MMT in 2024-25 and 245.4 MMT in 2025-26, an increase of 0.9%.
March 31, 2026: Import spend down 10.27% in dollar terms; 6.17% in rupee terms
March 31, 2026
In dollar terms, imports were 10.27% lower year-on-year, and in rupee terms, they were 6.17% lower.
March 31, 2026: FY2025-26 crude imports worth $123.10B
March 31, 2026
Cumulatively, India closed the financial year 2025-26 with crude imports valued at $123.10 billion (₹10,88,904 crore).
March 9, 2026: Crude price nears $120 per barrel in intraday trading
March 9, 2026
Crude prices surged to nearly $120 per barrel in intraday trading as the conflict intensified.
March 2026: Supply chain disruption from Strait of Hormuz closure
March 2026
The disruption was caused mainly by the closure of the Strait of Hormuz, a key transit route for global energy supplies.
March 2026: Crude import volume falls to 18.9 MMT
March 2026
Volume of crude imports declined to 18.9 million metric tonnes (MMT) in March 2026, down from 22.8 MMT in March 2025.
March 2026: Crude import bill falls 4.88% YoY to $11.7B
March 2026
India’s crude import bill dropped to $11.7 billion in March 2026 from $12.3 billion in March 2025, a 4.88% decrease.
March 2026: India’s crude imports fall 17.1% YoY vs March 2025
March 2026
India’s crude oil imports declined by 17.1% in March 2026 compared with March 2025, amid disruptions in the global energy supply chain.
February 27, 2026: Global crude price at $72.87 per barrel
February 27, 2026
International benchmark price stood at $72.87 per barrel, marking the level before a surge associated with the conflict in West Asia.