GENERAL17 Sept 2026
India’s crude oil imports in August fall 3%, spends 18% more
India's crude oil imports fell 3% in August, yet the import bill rose about 18.2% from a year earlier, as the Indian basket averaged $90.19 a barrel against $69.11 last August. Refiners bought 19 million tonnes for $11.7 billion. Higher export earnings kept the net oil and gas bill steady at $9.3 billion, so watch fuel and freight costs.
Key Statutory Highlights
- India's refiners imported 19 million metric tonnes of crude in August and spent $11.7 billion, against $9.9 billion for 19.6 MMT a year earlier.
- India's crude oil basket averaged $90.19 per barrel in August, up from $82.04 in July and $69.11 in August last year.
- The net oil and gas import bill stayed flat at $9.3 billion, helped by refiners earning about 43% more from exports despite a 14% drop in quantities supplied.
Actionable Advice for Taxpayers / Founders:If your business costs move with fuel or freight, revisit your input cost estimates for the coming months, since crude was priced higher in August. It may help to speak with your CA before locking long-term supply or pricing contracts.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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