EY urges India to boost strategic oil reserves as import dependence tops 90%

India's dependence on imported crude oil has surpassed 90% in FY26, raising serious energy security concerns, according to a report by consulting firm EY. The firm warns that India's current strategic petroleum reserves cover only five days of supply, far behind China's significantly larger stockpile. Declining domestic production combined with rising fuel consumption has left the country increasingly exposed to global supply disruptions and geopolitical risks. EY is calling on India to urgently develop a comprehensive strategy to expand its strategic oil reserves.