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India and Pakistan face rising oil import costs amid global price surges
Rising international crude oil prices, driven by tensions in West Asia and disruptions near the Strait of Hormuz, have significantly increased the oil import bills for major South Asian economies.
India's crude oil import bill surged 56.5% year-on-year to $63.4 billion during the April-July period of FY27. While import volumes remained relatively stable at 81.9 million tonnes, the cost increase was primarily price-driven. In July, India's crude import volume rose 13.2% compared to the previous year, contributing to a widening merchandise trade deficit of $31.98 billion.
Pakistan also faced economic pressure as its petroleum import bill for FY26 reached approximately $16.86 billion. This figure exceeded the International Monetary Fund's (IMF) estimate of $15.28 billion by $1.58 billion, straining the country's foreign exchange reserves.
On the global market, Brent crude prices have climbed above $90 per barrel. This volatility has benefited major energy companies; Chevron and ExxonMobil reported significant increases in second-quarter earnings, while the S&P 500 energy sector index reached record highs.
Entities
Chevron · ExxonMobil · India · International Monetary Fund · Pakistan
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] India's total fuel consumption rose by approximately 3% to 19.92 million metric tons in July. hindi.news18.com
- [○ 1 SOURCE] Chevron's second-quarter earnings rose by 240 percent, while ExxonMobil's profits increased by 115 percent. www.tv9hindi.com
- [○ 1 SOURCE] India's merchandise trade deficit reached a six-month high of $31.98 billion in July. www.equitypandit.com
- [○ 1 SOURCE] India's crude oil import volumes remained stable at 81.9 million tonnes during the April-July period. www.equitypandit.com
- [● 2 SOURCES] India's crude oil import bill rose 56.5% year-on-year to $63.4 billion between April and July of FY27. www.equitypandit.com · hindi.news18.com
- [○ 1 SOURCE] Brent crude prices reached approximately $91.5 per barrel on August 19. www.equitypandit.com
- [○ 1 SOURCE] Pakistan's petroleum import bill reached approximately $16.86 billion in fiscal year 2025-26. flare.pk
- [○ 1 SOURCE] The IMF had previously estimated Pakistan's oil import bill at $15.28 billion for FY26. flare.pk