India to save Rs 1.8 lakh cr on import bill on softening global oil prices

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.