India's Oil Import Bill Rises to $13.4 Billion in January

India's crude oil import bill for January 2025 reached $13.4 billion, according to the latest data from the Trade Ministry. This figure reflects the country's growing energy demands and its continued reliance on imported oil. Despite efforts to diversify energy sources, India's oil import dependency remains high at 88.1% for the current fiscal year. The increase in import value comes despite fluctuations in global oil prices, with Brent crude averaging $78.35 per barrel in January. India continues to import significant volumes from various sources, including Russia, Saudi Arabia, and the US, as it seeks to meet its rising energy needs amid economic growth and expanding industrial sectors.
Source: Ministry of Commerce and Industry, Government of India