India-Russia Oil Imports: India has imported a record volume of crude oil from Russia
India's Oil Imports from Russia: India imported a significant quantity of crude oil from Russia in June 2026. According to media reports, India purchased crude oil worth approximately €4.5 billion from Russia during that month, accounting for about 83% of its total fuel imports from the country.
India has become the second-largest importer of hydrocarbons from Russia, trailing just behind China. Here, you can learn about the reasons behind such large-scale oil purchases and understand their potential impact on petrol and diesel prices.
Why was oil purchased from Russia?
Amidst tensions in the Middle East and supply-related challenges during June, Indian refineries purchased large quantities of low-cost crude oil from Russia. The oil obtained from Russia at a lower price proved highly beneficial for Indian companies. This is the reason why India's total crude oil imports increased in June.
Will petrol and diesel prices not rise?
While purchasing cheaper crude oil from Russia is certainly a relief for India, it does not mean that petrol and diesel prices will not increase. Oil prices in India depend on several factors, including international crude oil prices, the rupee-dollar exchange rate, refining costs, and taxes.
However, if India continues to receive sufficient Russian oil at discounted rates and global crude oil prices remain under control, the pressure on petrol and diesel prices could remain subdued.
What pressure is Russia facing?
Interestingly, despite India purchasing oil, Russia's oil revenues remain under pressure. This is due to price fluctuations in the international market and the discounts being offered on Russian oil. In other words, even though Russia is selling large quantities of oil, the earnings per barrel are no longer what they used to be.
