However, a slight decline was seen on Tuesday, with it falling by 0.4% to $88.87 per barrel. Meanwhile, WTI crude was trading at $82.47 per barrel. Despite this, both major benchmarks remain near their one-month highs.
Why Higher Spending Despite Lower Imports?
According to data released by the Petroleum Planning and Analysis Cell (PPAC), the main reason behind this increase is the rise in the average price of crude oil.
In June, India imported 18.9 million tonnes of crude oil, which is 7.1% less than the 20.3 million tonnes imported in the same month last year.
Despite this, the import bill rose by 48% because the average price of the Indian basket of crude oil was $85.47 per barrel in June 2026, compared to $69.77 per barrel in June 2025.
Comparison of Import Data
Parameter - June 2026 - June 2025 - Annual Change
- Crude Oil Import Bill: $14.7 Billion - $9.9 Billion - +48%
- Crude Oil Imports: 18.9 Million Tonnes - 20.3 Million Tonnes - -7.1%
- Indian Basket Average Price: $85.47/barrel - $69.77/barrel - +22.5%
Impact on Petrol-Diesel Prices
Despite the sharp increase in the crude oil import bill, there has been no change in the retail prices of petrol and diesel in the country. Prices currently remain stable. The last revision in fuel prices was on May 25.
Prices in Major Cities on July 21
City - Petrol (₹/Litre) - Diesel (₹/Litre)
- New Delhi - ₹102.12 - ₹95.20
- Mumbai - ₹111.21 - ₹97.83
- Kolkata - ₹113.51 - ₹99.82
- Chennai - ₹107.76 - ₹99.55
India's Top Oil Suppliers
Amid potential supply disruptions from the Middle East, India met about 50% of its crude oil needs from Russia.
Additionally, the United Arab Emirates (UAE) and Venezuela remained major suppliers for India. To ensure fuel availability, India has also increased purchases from non-traditional suppliers like Brazil and Angola.
जोगेन्द्र सिंह शेखावत
