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West Asia Crisis: India's Net Oil & Gas Import Bill Surges 43.4% to $57.8 Billion (Apr-Jul)

EconomySecurity & DefenceIntl. RelationsHIGH
Target:UPSC GS-IIIMPSCTeachingPrelims HighMains High
20 Aug 2026
~2 min
Source: Indian Express
Key Data:Net oil and gas import bill $57.8 billionCrude oil import bill $63.4 billionAverage landed price $106 per barrelOil import dependence 88.3%LNG import bill $5.6 billionPetroleum product export volume down 18%
Bodies:Ministry of Petroleum and Natural GasPetroleum Planning and Analysis Cell (PPAC)Nomura
Practice MCQs from today's news ▸
What This Article Covers

1.India's net oil and gas import bill rose 43.4% to $57.8 billion in April-July 2026, driven by supply tightness and elevated prices from the West Asia crisis.

2.Crude oil import bill surged 56% y-o-y to $63.4 billion despite nearly flat volumes (81.9 million tonnes), with average landed price at $106 per barrel vs $68 a year ago.

3.India's oil import dependence remains at 88.3%; every $1 per barrel increase adds $2 billion to the annual import bill; oil import bill could exceed $200 billion for FY26.

The Big Picture
Prelims · HighMains · High

India's net oil and gas import bill jumped 43.4% to $57.8 billion in April-July 2026 due to the West Asia crisis and Strait of Hormuz disruptions. This is a critical development for UPSC Economy as it directly impacts India's current account deficit, inflation, and rupee stability. The data reveals India's vulnerability to global oil shocks and the double whammy of supply tightness and price surge.

Exam Lens

Quick Exam Facts From News

Net Oil & Gas Import Bill (Apr-Jul)$57.8 billion
Crude Oil Import Bill (Apr-Jul)$63.4 billion
Average Landed Price of Crude (Apr-Jul)$106 per barrel
Oil Import Dependence88.3%
Impact of $1/bbl oil price increase$2 billion added to annual import bill
CAD impact per 10% oil price rise0.4% of GDP

1-Minute Revision

  • ›Net Oil & Gas Import Bill (Apr-Jul): $57.8 billion
  • ›Crude Oil Import Bill (Apr-Jul): $63.4 billion
  • ›Target this Data: Net oil & gas import bill $57.8 billion (Apr-Jul), crude bill $63.4 billion, average price $106/bbl, oil dependence 88.3%.
  • ›Target this Nodal Body: Petroleum Planning and Analysis Cell (PPAC) under Ministry of Petroleum and Natural Gas.
  • ›Target this Concept: Impact of $1/bbl oil price increase → $2 billion added to annual import bill; 10% oil price rise → CAD widens by 0.4% of GDP.

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageEasy

Which ministry is responsible for the release of provisional data on India's oil and gas imports as mentioned in the article?

Q2Statement-basedHard

Consider the following statements regarding India's oil and gas imports in April-July 2026:

1. India's net oil and gas import bill rose by 43.4% year-on-year.

2. The volume of crude oil imports increased significantly compared to the previous year.

3. Every $1 per barrel increase in oil prices adds about $2 billion to India's annual import bill.

Which of the statements given above is/are correct?

Q3Data-centricMedium

What was the average landed price of crude oil imported by India in April-July 2026?

Q4Application/ImpactMedium

According to the article, what is the primary macroeconomic impact of the surge in oil prices for India?

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