India’s crude oil import expenditure surged in the first quarter of 2026-27, even though the country bought less crude by volume. The sharp rise in spending shows how geopolitical disruptions and elevated international oil prices can quickly increase India’s energy costs. According to data from the Commerce Ministry, India spent $49 billion on crude imports between April and June, marking a 26 per cent increase from the $39 billion recorded during the corresponding period last year.
