Share of Russian oil in Indian imports rises to 38%, premium paid jumps 425% in April 2026

📌 Summary:

• Russia's share in the value of India's oil imports rose to an 11-month high of nearly 38% in April 2026, as India deepened its dependence amid the ongoing West Asia crisis
• This came alongside a 425% jump in the premium charged by Russia for its oil — a sharp reversal of the discount it had been offering until recently
• The shift reflects how the Iran conflict and Strait of Hormuz risks are reshaping India's crude sourcing and energy-security calculus

🎯 UPSC Relevance: GS3 Economy/energy security and GS2 IR — crude import diversification and the impact of the West Asia conflict on energy supply and pricing.

📝 Prelims Facts:

• Russia's share of India's oil import value (April 2026): ~38% (11-month high)
• Premium on Russian oil rose 425% (earlier sold at a discount)
• India imports over 85% of its crude oil requirement

🔑 Key Term: Crude oil import dependence — India's reliance on imported crude (over 85%), making source-mix and prices critical to energy security.