India's Q1 Crude Import Bill Jumps 26% to $49B Despite 18% Volume Drop

India's crude oil import expenditure rose sharply to $49 billion in the first quarter of 2026-27, a 26% increase from $39 billion in the same period last year. This cost surge occurred even as import volumes fell by 18%, highlighting the impact of elevated global oil prices. Ongoing geopolitical conflicts have been a key driver behind the price increases, pushing costs higher despite lower purchase volumes. Russia remained India's top crude supplier, accounting for more than 40% of total imports. Indian refiners also faced significant war-risk premium charges to secure a steady and reliable energy supply.