India’s average crude oil import cost falls below $60 a barrel | Hindustan Times
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Sat, Jan 10, 2026
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The US Energy Information Administration (EIA) forecast a fall in oil prices to $55 a barrel in 2026. (Bloomberg)

India’s average crude oil import cost falls below $60 a barrel

India's average crude oil import cost fell below $60 a barrel for the first time since February 2021, reaching $59.29 on January 5, 2026, despite ongoing geopolitical tensions. This decline has significantly reduced India's import bill, saving around $11 billion annually. Experts predict further price drops, forecasting $50 per barrel by June 2026.

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