Russia’s share stood at about 34% in terms of the volume of India’s oil imports in April 2026. File photo for representational purposes only.
| Photo Credit: Reuters
Russia’s share in the value of India’s oil exports jumped back up to a 11-month high of nearly 38% in April 2026 as India continued to increase its dependence on it against the backdrop of the ongoing West Asia crisis.
This increasing dependence was accompanied by a 425% jump in the premium being charged by Russia for its oil, in contrast to the discount it had been offering until recently.
Russia’s share stood at about 34% in terms of the volume of India’s oil imports in April 2026. At the same time, India’s dependence on oil from the U.S. fell to multi-month lows in terms of both value and volume.
Oil imports back up
An analysis of data from the Ministry of Commerce and Industry shows that India’s total oil imports bounced back to 195.3 lakh tonnes in April 2026 after having dipped in March to 158.5 lakh tonnes following the start of the West Asian crisis.
However, while this worked out to a 23% increase over March 2026 in terms of volume, the surging price of oil meant that India’s total oil import bill jumped 61.3% in April 2026 to $15.4 billion as compared to its level in the previous month.
Within this, the volume of India’s oil imports from Russia stood at nearly 67 lakh tonnes in April 2026, 27% higher than in March and making up 34.3% of the total amount of oil India imported in April.
Expensive Russian oil
Here, too, the rising price had a significant impact on the amount India paid for this oil. The Hindu had reported last month that the discount Russia used to offer India for its oil had turned into a premium in March 2026.
The data now shows that India paid an even higher premium for Russian oil in April 2026 than it did in March. The total value of India’s Russian oil imports stood at $5.8 billion in April 2026, which was 37.7% of India’s total oil import bill that month.
In April, India paid Russia $864.9 per tonne for its oil while it paid $787.1 per tonne overall for its oil imports from all countries. This works out to a premium of $77.8 per tonne as compared to a premium of $14.8 per tonne paid to Russia in March 2026, a 425% increase.
On the other hand, the U.S. accounted for 2.9% of India’s oil bill in April 2026, an eight-month low. In terms of value, it accounted for 3.8%, also an eight-month low.
Published – June 06, 2026 05:05 pm IST
