India’s oil import costs may rise if Russian oil purchases cease. A State Bank of India report suggests a potential increase of USD 9-12 billion. Russia currently supplies 10% of global crude. India has significantly increased Russian oil imports since 2022. This shift followed Western sanctions on Moscow. India’s diversified supply network may mitigate the impact.
India’s fuel bill may rise by $9 bn in FY26 and $12 bn in FY27, if it stops Russian oil imports: SBI
