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May 10, 2026
The oil import bill of India could significantly increase to USD 12 billion if the country stops buying Russian crude oil, according to a report by the State Bank of India (SBI). According to the report, if the government stops oil imports from Russia for the rest of the financial year 2025-26, the fuel bill is expected to surge by USD 9 billion in FY26 and USD 11.7 billion in FY27 due to an increase in prices.
SBI stated, “If India stopped oil imports from Russia during the rest of FY26, then India’s fuel bill might increase by only USD 9 billion”.
