India's March crude import bill falls 4%, but up 4x from Russia

NEW DELHI: India's crude imports from Russia surged successful March, with purchases astatine astir Rs 5.3 cardinal (about $6.2 billion) compared with Rs 1.4 cardinal ($1.6 billion) the erstwhile month, amid the subject struggle successful West Asia and closure of the Strait of Hormuz.In its latest investigation of Russian fossil substance exports and sanctions, Centre for Research connected Energy and Clean Air (CREA) said India imported Rs 5.8 cardinal worthy of Russian hydrocarbons successful March - the second-highest aft China - arsenic some volumes and prices increased. Crude accounted for 91% of imports, followed by ember and lipid products.The study added India's full crude imports fell 4% successful March, but those from Russia roseate 4 times.

"The biggest displacement was successful state-owned refineries' imports from Russia, which saw a monolithic 148% month-on-month increase. Their imports were successful information 72% higher than successful March 2025, presumably owed to Russian barrels being much disposable successful the spot market," it said. Private refineries registered much than 66% month-on-month increase.In Feb, India was the third-largest importer of Russian hydrocarbons aft China and Turkiye, with purchases valued astatine Rs 1.8 cardinal and crude accounting for astir 81% (Rs 1.4 billion) of shipments. The worth and measurement of imports, however, whitethorn differ. Russian Urals were earlier disposable to India astatine a discount, but prices surged owed to the closure of Hormuz.Though India has been importing Russian barrels successful ample volumes implicit the past 4 years, shipments dipped successful Jan and Feb earlier surging again successful March aft the US granted a one-month sanctions waiver to easiness prices.