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EconomyThe Hindu8 May 2026
Russia's Share in Indian Oil Imports Jumped in March, but Discount Turned into a Premium
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📌 Summary:
- Russia's share in India's oil imports: 33.3% (one-third) in March 2026 — first month after West Asia crisis began (US-Israel war on Iran, Feb 28)
- Gulf countries' and US's shares of India's oil imports have fallen due to Strait of Hormuz closure and supply disruptions
- Critical shift: India paying 2.5% PREMIUM on Russian oil, vs average 3.9% DISCOUNT received earlier in FY 2025-26
- Pre-crisis: India had been cutting Russian oil dependency to align with US interests ahead of India-US trade deal
- West Asia crisis forced India back to Russian oil — but now at significantly worsening terms, exposing India's energy import vulnerability
- Data source: Ministry of Commerce and Industry, analysis by The Hindu
📚 Prelims Fact:
- Russia = India's largest oil supplier (~one-third of imports); West Asia crisis began Feb 28, 2026; Russia oil discount-to-premium shift signals loss of India's buyer's market advantage; Hormuz closure = strategic vulnerability for energy-import dependent India
Russia oilIndia energy importsWest Asia crisisHormuzoil premium
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