US EditionTrump Tariff Impact: How Much Will India's Fuel Bill Rise if Russian Oil Imports Are Stopped? SBI Report Says THIS
INDIA, AUG 8 – If India stops buying discounted Russian oil, its fuel import bill could rise by $9 billion in fiscal year 2026, according to the State Bank of India report.
- India imported 245 million metric tonnes of crude oil in FY25, with Russia supplying 88 million metric tonnes, making it the largest supplier.
- India increased its reliance on Russian oil since 2022 due to Western sanctions following Russia's invasion of Ukraine, shifting from traditional Middle Eastern suppliers.
- The State Bank of India reported that if India stops buying Russian oil during FY26, its fuel import bill could rise by about $9 billion amid a potential 10% global crude price increase.
- India’s broad range of oil sources, spanning around 40 nations and incorporating recent entrants such as Guyana, Brazil, and Canada, along with ongoing agreements with Middle Eastern producers, could help mitigate the financial effects of import cost increases.
- The rising fuel bill and US-imposed 50% tariffs targeting Indian goods demonstrate escalating trade tensions linked to India's continued Russian oil imports and energy security strategy.
13 Articles
13 Articles
How much will India have to spend if it stops importing oil from Russia?
India today imports a third of its crude oil from Russia. New Delhi in 2025 has purchased 88 metric million tonnes of oil from Moscow. Experts say India’s oil import bill could rise by billions were India to eschew Russian oil in favour of traditional suppliers such as Saudi Arabia, Iraq and UAE
India’s oil import bill may surge by $9 billion if Russian supplies halted: SBI
A report by the State Bank of India (SBI) said India could consider buying oil from Iraq, its top supplier before the Ukraine war, followed by Saudi Arabia and the United Arab Emirates (UAE) if Russian supplies are cut off
Trump tariff impact: How much will India's fuel bill rise if Russian oil imports are stopped? SBI report says THIS
India's crude oil import bill could rise by as much as $12 billion in FY27 if it stops importing Russian oil. Until now, India has been importing discounted Russian oil after Western nations imposed sanctions on Moscow.
How Much Will India's Fuel Bill Rise If It Stops Russian Oil Imports?
India's crude oil import bill could increase by USD 9 billion this financial year and USD 12 billion in the next, if the country stops buying Russian crude oil amid Washington's latest action against New Delhi over the purchases.
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