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India entered the vigor situation brought connected by the Iran warfare peculiarly susceptible to disruptions successful West Asia, the latest authorities information shows. Not lone was India importing astir 91% of its crude lipid requirements arsenic of February 2026, a historical high, but much than 54% of these imports came from West Asian countries — their second-highest stock successful astir 3.5 years.
The investigation by The Hindu of information released by the Ministry of Commerce and Industry shows that the measurement of India’s full lipid imports successful February 2026 accrued astir 33% to 205.3 lakh tonnes implicit February past year.
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That is, India imported a 3rd much lipid successful February 2026 than it did a twelvemonth earlier.
Further, according to information with the Ministry of Petroleum and Natural Gas, India’s lipid imports accounted for 90.8% of the full lipid processed by Indian refineries successful February 2026, up from an already historically-high 90.2% successful the archetypal fractional of 2025-26.
Sourcing from West Asia
Not lone has India’s dependence connected lipid imports risen, but it has besides precocious accrued its dependence connected the West Asian region. This has travel arsenic it had, until the outbreak of the warfare successful West Asia, sought to trim Russian lipid imports successful enactment with demands from the U.S.
Russia’s stock successful the measurement of lipid India imports roseate to 26.5% successful February 2026, but was inactive importantly little than the highest of 40.2% it had reached successful May past year.
On the different hand, the stock of lipid imports from India’s West Asian sources — Iraq, Saudi Arabia, the UAE, Kuwait, and Qatar — roseate to a combined 54.4% successful February 2026. Apart from December 2025, erstwhile this fig deed 56.8%, this was their highest stock since September 2022.
However, those sources are present constrained owed to the war, with officials successful the Ministry of Commerce and Industry confirming to The Hindu that India’s lipid imports from Russia person accrued “big time” successful March 2026, but this clip without the payment of the discount Russia was earlier providing.
The authoritative information connected India’s lipid imports successful March volition beryllium released successful aboriginal May.
Expensive oil
The information shows that not lone was India importing a ample quantity of lipid successful the pb up to the U.S.-Israel warfare connected Iran, but that it was besides benefiting from a clang successful prices. The terms of the Indian handbasket of crude lipid successful February 2026 stood astatine $69 per barrel. Priced had averaged astir $78 successful the erstwhile fiscal year.
The Indian handbasket comprises a weighted mean of prices of antithetic grades of lipid successful Oman and Dubai, on with the terms of Brent.
Due to the warfare successful West Asia, this fig changeable up to $113.5 per tube successful March 2026, and has further accrued to astir $126 arsenic of April 7, 2026.
