India’s March crude import bill fell 4%, but 4 times higher than Russia’s & more related News Here

New Delhi: India’s crude oil imports from Russia rose in March, buying about Rs 5.3 billion (about $6.2 billion) compared with the previous month, amid military conflict in West Asia and the closure of the Strait of Hormuz.In its latest analysis of Russian fossil fuel exports and sanctions, the Center for Research on Energy and Clean Air (CREA) said India imported Russian hydrocarbons worth Rs 5.8 billion in March – the second largest after China – as both volumes and prices rose. Crude oil accounts for 91% of imports, followed by coal and oil products.India’s total crude oil imports fell 4% in March, but imports from Russia rose four times, the report said.

State refiners are the largest buyers of Russian fuel.

“The biggest change was in state-owned refineries’ imports from Russia, which saw a massive 148% month-on-month increase. Their imports were actually 72% higher than in March 2025, likely due to Russian barrels being more available in the spot market,” it said. Private refineries registered a month-on-month increase of over 66%.In February, India was the third-largest importer of Russian hydrocarbons after China and Turkey, with purchases valued at Rs 1.8 billion and the share of crude in shipments at about 81% (Rs 1.4 billion). However, the value and quantity of imports may vary. Russian Urals were earlier available at a discount to India, but the closure of the Strait of Hormuz caused prices to rise.Although India has been importing large quantities of Russian barrels over the past four years, shipments declined in January and February before rising again in March after the US granted a one-month sanctions waiver to push down prices.