Despite a marginal drop of 0.2 per cent in volumes, India’s crude oil import bill declined by 18.8 per cent year-on-year (Y-o-Y) to $9.5 billion in January, driven by subdued oil prices, showed oil ministry data.
The fall came as the Indian basket crude price averaged $63.08 a barrel during the month, a significant drop of $17.12/bbl from $80.20/bbl recorded last year, according to data from Petroleum Planning and Analysis Cell (PPAC).
India purchased 21.1 million tonnes (Mt) of crude oil in January 2026, as against 21.2 Mt imported in the same month last year.
Crude oil prices have fallen dramatically over concerns of a potential supply glut, amid weak demand in the international market.
