Key facts
- India's September crude oil import bill reached $15.4 billion.
- The import bill represents a 46% increase year-on-year.
- The average price for India's crude import basket was $116.09 per barrel in September.
- Freight rates on the Ras Tanura to India route have quadrupled since February 28.
India's expenditure on crude oil imports surged by 46% to $15.4 billion in September compared to the same period last year, primarily due to escalating international oil prices and heightened geopolitical risks in the Middle East. Despite a modest 7% rise in import volumes, the cost of these imports saw a significant jump. The average price of India's crude import basket, a blend of Dated Brent and Oman/Dubai crudes, reached $116.09 per barrel in September. For the period from April to September, the cumulative import bill climbed by 46.3% to $90.6 billion. Shipping costs on key routes from the Persian Gulf to India have also quadrupled since late February, further contributing to the increased import expenses. Projections indicate that October's import costs could surpass September's figures, with the current average import price at $121.25 per barrel.