India could save up to ₹1.8 lakh crore on crude oil imports and ₹6,000 crore on LNG imports in FY2026 if global oil prices remain in the $60–70 per barrel range, according to ICRA. With over 85% of its crude needs imported, India spent $242.4 billion on crude and $15.2 billion on LNG in FY2025. Falling oil prices, driven by oversupply and global demand uncertainty, have eased fuel costs.
India to save Rs 1.8 lakh cr on import bill on softening global oil prices
