{"id":3611,"date":"2025-08-08T21:46:16","date_gmt":"2025-08-08T21:46:16","guid":{"rendered":"http:\/\/tezgyan.com\/index.php\/2025\/08\/08\/indias-fuel-import-bill-may-rise-by-9-billion-in-fy26-if-it-stops-russian-oil-imports-sbi-economy-news\/"},"modified":"2025-08-08T21:46:16","modified_gmt":"2025-08-08T21:46:16","slug":"indias-fuel-import-bill-may-rise-by-9-billion-in-fy26-if-it-stops-russian-oil-imports-sbi-economy-news","status":"publish","type":"post","link":"https:\/\/tezgyan.com\/index.php\/2025\/08\/08\/indias-fuel-import-bill-may-rise-by-9-billion-in-fy26-if-it-stops-russian-oil-imports-sbi-economy-news\/","title":{"rendered":"India’s Fuel Import Bill May Rise By $9 Billion In FY26 If It Stops Russian Oil Imports: SBI | Economy News"},"content":{"rendered":"


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If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase their production, according to the SBI report.<\/h2>\n
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India substantially increased purchasing of Russian oil since 2022, which was sold at a discount, capped at $60 per barrel.<\/p>\n<\/figure>\n

India\u2019s crude oil import bill might increase by $9 billion in the current FY26 and by $12 billion in FY27, if the country stops buying fuel from Russia, according to a report by State Bank of India released on Friday. The report said India\u2019s Russian oil imports are projected to fall to 40 million metric tonnes (MMT) in the current financial year, compared with 88 MMT in FY25 and 83 MMT in FY24.<\/p>\n

Russia currently accounts for 10 per cent of the global crude supply. If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase their production, according to the SBI report.<\/p>\n

\u201cIf India stopped oil imports from Russia during the rest of FY26, then India\u2019s fuel bill might increase by only $9 billion,” SBI stated in the report.<\/p>\n

India substantially increased purchasing of Russian oil since 2022, which was sold at a discount, capped at $60 per barrel, to ensure energy security after Western nations imposed sanctions on Moscow and avoided its supplies following the invasion of Ukraine.<\/p>\n

As a result, Russia\u2019s share in India\u2019s total oil imports surged from just 1.7 per cent in FY20 to 35.1 per cent in FY25, making Russia India\u2019s largest oil supplier. In volume terms, India imported 88 million metric tonnes (MMT) of crude from Russia in FY25, out of its total oil imports of 245 MMT.<\/p>\n

Before the Ukraine war, Iraq was India\u2019s top crude supplier, followed by Saudi Arabia and the United Arab Emirates (UAE).<\/p>\n

Indian refiners generally source oil from Middle Eastern producers through annual contracts, which allow flexibility to request additional supplies each month.<\/p>\n

Since the imposition of sanctions on Russia, refiners have also turned to crude suppliers in the United States, West Africa, and Azerbaijan.<\/p>\n

India has further diversified its oil sources to about 40 countries. New supply options have emerged from Guyana, Brazil, and Canada, adding to the country\u2019s energy security.<\/p>\n

If Russian supplies were cut off, India could shift back to its traditional Middle Eastern suppliers under existing annual deals, ensuring flexibility in meeting its import needs.<\/p>\n

The SBI report highlighted that while the potential increase in the import bill is significant, India\u2019s diversified supply network and established contracts with other oil-producing nations may help cushion the impact.<\/p>\n

However, a rise in global crude prices due to reduced Russian exports would still put upward pressure on costs.<\/p>\n

(With Inputs from ANI)<\/strong><\/em><\/p>\n

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Mohammad Haris<\/a><\/p>\n

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More<\/span><\/p>\n<\/div>\n<\/div>\n

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More<\/span><\/p>\n<\/div>\n<\/div>\n

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News<\/a> business<\/a> \u00bb economy<\/a> India’s Fuel Import Bill May Rise By $9 Billion In FY26 If It Stops Russian Oil Imports: SBI<\/span><\/div>\n
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Last Updated:August 08, 2025, 13:23 IST If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase their production, according to the SBI report. India substantially increased purchasing of Russian oil since 2022, which was sold at a discount, capped at $60 per barrel….<\/p>\n","protected":false},"author":1,"featured_media":645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"class_list":["post-3611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/3611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/comments?post=3611"}],"version-history":[{"count":0,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/3611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media\/645"}],"wp:attachment":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media?parent=3611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/categories?post=3611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/tags?post=3611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}