Crude oil prices touched nearly $120 a barrel on Monday as the Iran war disrupted key shipping routes. With India importing nearly 90% of the crude oil it consumes, even a modest increase in prices can translate into billions of dollars in additional costs for the economy, writes Saurav Anand Why crude oil prices matter so much for India India’s dependence on imported oil is the central reason why crude price movements matter so much for the economy. Nearly 90% of the country’s crude oil requirement is met through imports. According to official data, India imported crude oil worth about $161 billion in the last fiscal.