India’s oil imports fall 3% in August, import bill rises 18%

In August, volumes of liquefied natural gas imports and expenditures were almost stagnant year-on-year. Representative file image. | Photo credit: Reuters

India’s crude oil imports slowed 3% in August, although the import bill was 18.2% higher than a year earlier, according to preliminary government data, which may indicate an extended period of continued uncertainty ahead of renewed tensions in West Asia in early September.

In August, liquefied natural gas (LNG) import volumes and expenditures were almost stagnant year-on-year.

The Indian crude oil index averaged $90.19 per barrel during the reporting period, compared to $82.04 per barrel in July and $69.11 per barrel in August last year.

Pure spending

Notwithstanding the increased cost of oil procurement, India’s net import bill – which is the difference between petroleum products, oil and gas imports; and exports of petroleum products – remained unchanged at $9.3 billion.

The country’s refineries imported 19 million metric tons (MMT) of crude in August, spending $11.7 billion.

In the same month last year, they spent $9.9 billion importing 19.6 MMT of oil.

The unchanged net import bill can be attributed to Indian refiners making roughly 43% more money from exports, despite a more than 14% drop in shipments during the reporting period.

India’s LNG imports accelerated 0.1% year-on-year to 2,915 million standard cubic meters (MMSCM) in August, for which it spent the same $1.2 billion.

Published – 17 Sep 2026 20:21 IST