India’s oil import bill, which stood at $9.2 billion in February 2026 when the Indian crude basket averaged $69.01 per barrel, now faces the risk of a steep rise after crude prices surged to $156.29 per barrel on March 19, more than doubling input costs in less than a month. The February data reflected a relatively benign phase. India’s net oil and gas import bill was $106.1 billion during April–February FY26, lower than $120 billion in the corresponding period last year, aided by softer global crude prices. “Crude oil imports decreased by 0.2% and increased by 2.4% during February 2026 and April-February FY 2025-26 as compared to the corresponding period of the previous year. As compared to net import bill for Oil & Gas for Feb 2026 of $9.2 bn, the net import bill for oil & gas for Feb 2025 was $9.8 bn,” the PPAC data showed. LNG imports stood at $1.1 billion in February, while petroleum product exports were $2.8 billion, partially offsetting the import burden.