India’s net oil and gas import costs rose 43.4% year-on-year in April-July 2026, according to provisional data from the Petroleum Ministry. The India oil and gas import costs reached .8 billion, up from .3 billion a year earlier.The sharp rise came as the West Asia conflict pushed global energy prices higher and affected energy flows through the Strait of Hormuz.Key HighlightsNet oil and gas imports rose 43.4% to .8 billion.Crude oil import costs jumped more than 56% to .4 billion.LNG import costs rose nearly 25% to .6 billion.India imports more than 88% of its crude oil needs.Crude Oil Import Bill Rises SharplyThe India oil import bill increased by more than 56% to .4 billion during April-July.However, the amount of crude imported changed only a little. India imported about 81.9 million tonnes, compared with 81.5 million tonnes in the same period last year.The main reason was the higher price of crude oil. The average landed price rose from around per barrel to about 6 per barrel.This shows how the West Asia conflict impact on India is being felt through higher energy costs.LNG Costs Also IncreaseIndia’s gas import bill also increased during the period. LNG imports rose slightly to 11,867 million standard cubic metres.But the import bill rose by nearly 25% to around .6 billion. Higher global prices were a major reason for the increase.At the same time, petroleum product imports fell in both volume and value. Product exports also declined in volume as more fuel was kept for domestic needs.Why Is the Strait of Hormuz Important?India depends heavily on imported energy. The country imports more than 88% of its crude oil and about half of its natural gas needs.A large share of these supplies normally passes through the Strait of Hormuz. About 40% of India’s crude, 60% of LNG and 90% of LPG imports are linked to this route.The conflict and supply problems have therefore increased risks for India’s energy security.Higher Costs Can Affect the EconomyThe rising India energy import bill can affect the country in many ways. Higher oil costs can increase the trade deficit and put pressure on the current account.They can also affect inflation and the value of the rupee.Every increase in the price of a barrel of oil can add up to about billion to India’s yearly import bill.The latest April-July oil import data shows that high global energy prices remain a major concern for India’s economy.Also Read : UAE-Iran Tensions: UAE Suspends Trade and Financial Ties After Missile Launch
