India’s crude oil imports declined by 4.3% in April 2026, yet the import bill surged by 50% despite volatile prices due to the ongoing conflict in West Asia. This highlights growing reliance on energy markets amid geopolitical tensions. The Petroleum Planning and Analysis Cell (PPAC) reported a 30% drop in liquefied natural gas (LNG) imports, even as domestic production of natural gas fell by 4.2%. However, demand for LPG plummeted by 12.7%, reflecting reduced consumer habits. Natural gas consumption dropped 16.7% year-on-year, while LNG imports fell from 2,778 MMSCM to 1,954 MMSCM, signaling a shift away from traditional energy sources. Import bills also rose by 23%, indicating increased pressure on energy markets. India’s dependency on natural gas has decreased to 41.6% from 49.2%, though production losses from flaring remain a concern. These trends underscore broader shifts in global energy dynamics and the evolving role of state-owned enterprises (PSUs) in shaping domestic energy security.
