Daily current affairs · 19 August 2026
India Crude Oil Import Bill July 2026 Surge PPAC Data
Why in news
- Provisional data from the Petroleum Planning and Analysis Cell showed India's monthly crude import bill reached $13.7 billion in July 2026.
Information
- India's crude oil import expenditure expanded by 41% year-on-year, driven by elevated global crude benchmark prices following West Asian destabilization.
- Import volume rose by 13.3% to 21.4 million metric tonnes in July 2026 compared to 18.9 MMT in July 2025.
- The Indian crude basket price averaged $82.04 per barrel in July 2026, rising sharply from $70.95 per barrel in the corresponding month of the previous year.
- India remains vulnerable to energy price shocks as it imports nearly 89% of its domestic crude oil requirements.
Key terms
Indian Crude Basket
A weighted average index of Oman/Dubai sour crude and Brent sweet crude reflecting India's import mix.
Petroleum Planning and Analysis Cell
An attached office under the Ministry of Petroleum and Natural Gas that maintains energy data and analysis.
Prelims facts
- The Petroleum Planning and Analysis Cell functions directly under the Ministry of Petroleum and Natural Gas.
- The Indian crude basket is composed of Dubai and Oman sour crudes alongside Brent sweet crude.
Mains discussion
- Analyze the macroeconomic transmission channels through which global oil price volatility widens India's Current Account Deficit and impacts currency stability.
Source: The Hindu