India’s crude oil import bill surges 41% to $13.7 billion in July 2026

Why in news

India's crude oil import bill saw a significant 41% surge in July 2026, highlighting the impact of global price volatility on India's trade balance.

Background

In July 2026, India's crude oil import bill reached $13.7 billion, a 41% year-on-year increase. The crude basket price averaged $82.04 per barrel, while total oil and gas net import bill rose to $11.2 billion.

Facts for Prelims

• FactIndia's crude oil import bill in July 2026: $13.7 billion
• FactCrude oil import volume in July 2026: 21.4 million metric tonnes
• FactAverage crude basket price in July 2026: $82.04 per barrel
• FactPetroleum product exports in July 2026: 5.5 MMT

For Mains

Q. Analyze the impact of global crude oil price volatility on India's current account deficit and suggest measures to enhance energy security.

Dimensions to cover in your answer

• Current Account Deficit (CAD) impact
• Energy security and diversification
• Fiscal pressure from import bills

Keywords: Trade Balance · Current Account Deficit · Energy Security · Import Substitution · Global Commodity Volatility

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