India, the world's third largest oil importing and consuming nation, is likely to save as much as Rs 1.8 lakh crore on import of crude oil and LNG if the trend of softening international energy rates continues, Icra said Wednesday. India, which meets over 85 per cent of its crude oil needs through imports, spent USD 242.4 billion on buying crude from overseas in the fiscal year ended March 31, 2025. With domestic production meeting roughly half of the demand, it also spent USD 15.2 billion on import of liquefied natural gas (LNG) in the fiscal. Oil prices in international markets fell to over four-year low of USD 60.23 per barrel earlier this week on fears of rising global supply at a time when demand outlook is uncertain.