This rating agency estimated to cut the price of petrol and diesel

India Oil and LNG Import: India’s third largest crude oil importer and consumer India can save up to Rs 1.8 lakh crore on liquefied natural gas (LNG) and crude oil imports. This has been revealed in the estimate of rating agency ICRA.

In the financial year ending 31 March, 2025, India spent $ 242.4 billion on crude oil imports. India meets the need for more than 85 % crude oil from imports. In addition, $ 15.2 billion is spent on LNG imports as almost half of the demand for LNG in India meets domestic production.

There can be so much savings on oil and LNG imports

In the beginning of this week, oil prices came to a four -year low of $ 60.23 per barrel amid increasing concerns over global supply amid uncertain demand. Rating agency Iqra has estimated that the average crude oil prices for FY 2026 (April 2025 to March 2026) will be within $ 60-70 per barrel.

In such a situation, savings of Rs 1.8 lakh crore on import of crude oil and Rs 6,000 crore on import of LNG are possible. A reduction in crude oil prices will cause savings, but the refiner may also face inventory deficit. In addition, the possibility of further increase in excise duty cannot be ruled out.

The common man also benefits

If this trend of softening on energy rates at the international level remains intact, then the general public of the country can also benefit from it. Petrol and diesel prices can be reduced in the coming days, this will also save the common man.

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