India’s crude import bill hits $137B in FY25 amid record Russian supplies
ECONOMY & POLICY

India’s crude import bill hits $137B in FY25 amid record Russian supplies

India’s crude oil import bill rose 2.7 per cent to $137 billion in FY25, up from $133.4 billion a year ago, according to data from the Petroleum Planning and Analysis Cell (PPAC). The country imported 234.3 million tonnes of crude during the fiscal year, compared to 226.6 million tonnes in FY24 — a 3.4 per cent jump.

In March 2025 alone, India imported 22.1 million tonnes of crude — up 6.3 per cent year-on-year — while the monthly bill remained flat at $12.1 billion.

India’s import dependency for crude oil climbed to 88.2 per cent in FY25, marginally higher than the 87.8 per cent in FY24, driven by rising domestic demand.

Russian crude shipments rebounded in March after a brief dip in February, maintaining an average of 1.68 million barrels per day in Q1 2025, according to Kpler. Discounted prices on Urals and other grades, along with continued access to non-sanctioned vessels, helped Russian barrels remain attractive.

India’s March crude intake touched a record 5.3 million barrels per day, with Russia contributing 1.88 Mbd. Iraq followed at 0.9 Mbd, Saudi Arabia at 0.56 Mbd, the UAE at 0.43 Mbd, and the US at 0.29 Mbd.

Analysts note Russian grades are still cheaper by $3–8 per barrel than West Asian or US oil, even after factoring in longer shipping routes and reliance on the shadow fleet.

Amid continued global uncertainty, Indian refiners are increasingly tapping US supplies to diversify. Imports from the US surged to 289,000 bpd in March 2025, up from 113,000 bpd last year. “WTI and Mars blends offer stable arbitrage for Indian complex refiners,” said Sumit Ritolia, lead analyst at Kpler.

Brazilian grades like Tupi and Búzios are also gaining favour for their cost competitiveness and compatibility with Indian refining systems.

India’s crude production slipped to 28.7 million tonnes in FY25, down from 29.4 million tonnes last year. The country currently imports 88 per cent of its crude and 50 per cent of its natural gas needs.

To cut dependence, the government is ramping up exploration and production, backed by recent amendments to the Oilfields Act. The revised law broadens the scope of “mineral oils” to include shale gas, CBM, oil shale, and more.

India’s ninth round of OALP bidding saw strong interest from both public and private players. A consortium of ONGC, Reliance Industries, and BP won an offshore block in Gujarat. ONGC secured 11 blocks independently and four in partnerships, while Vedanta’s Cairn Oil & Gas bagged seven blocks — signalling increased private sector participation.

India’s crude oil import bill rose 2.7 per cent to $137 billion in FY25, up from $133.4 billion a year ago, according to data from the Petroleum Planning and Analysis Cell (PPAC). The country imported 234.3 million tonnes of crude during the fiscal year, compared to 226.6 million tonnes in FY24 — a 3.4 per cent jump. In March 2025 alone, India imported 22.1 million tonnes of crude — up 6.3 per cent year-on-year — while the monthly bill remained flat at $12.1 billion. India’s import dependency for crude oil climbed to 88.2 per cent in FY25, marginally higher than the 87.8 per cent in FY24, driven by rising domestic demand. Russian crude shipments rebounded in March after a brief dip in February, maintaining an average of 1.68 million barrels per day in Q1 2025, according to Kpler. Discounted prices on Urals and other grades, along with continued access to non-sanctioned vessels, helped Russian barrels remain attractive. India’s March crude intake touched a record 5.3 million barrels per day, with Russia contributing 1.88 Mbd. Iraq followed at 0.9 Mbd, Saudi Arabia at 0.56 Mbd, the UAE at 0.43 Mbd, and the US at 0.29 Mbd. Analysts note Russian grades are still cheaper by $3–8 per barrel than West Asian or US oil, even after factoring in longer shipping routes and reliance on the shadow fleet. Amid continued global uncertainty, Indian refiners are increasingly tapping US supplies to diversify. Imports from the US surged to 289,000 bpd in March 2025, up from 113,000 bpd last year. “WTI and Mars blends offer stable arbitrage for Indian complex refiners,” said Sumit Ritolia, lead analyst at Kpler. Brazilian grades like Tupi and Búzios are also gaining favour for their cost competitiveness and compatibility with Indian refining systems. India’s crude production slipped to 28.7 million tonnes in FY25, down from 29.4 million tonnes last year. The country currently imports 88 per cent of its crude and 50 per cent of its natural gas needs. To cut dependence, the government is ramping up exploration and production, backed by recent amendments to the Oilfields Act. The revised law broadens the scope of “mineral oils” to include shale gas, CBM, oil shale, and more. India’s ninth round of OALP bidding saw strong interest from both public and private players. A consortium of ONGC, Reliance Industries, and BP won an offshore block in Gujarat. ONGC secured 11 blocks independently and four in partnerships, while Vedanta’s Cairn Oil & Gas bagged seven blocks — signalling increased private sector participation.

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?