Recent statistics from the Petroleum Planning and Analysis Cell revealed that, despite the amount being mostly same, India's crude oil import cost for 2023–24 decreased 16% year over year to $132.4 billion, mostly as a result of Russia's supply Discount.

Additionally, this was the second year that import levels have stayed higher than they were prior to the pandemic. In 2019–20, imports totaled 226.9 mmt; in 2020–21, they dropped to 196.4 mmt.

But in FY24, India's reliance on imports increased to a record high of 87.7%, from 87.4% and 85.5% in the two years prior. The percentage of imports that are dependent on crude oil increased to 88% in March when the calculation was made using the consumption of petroleum products.

As a result of rising world prices, crude imports fell 4.4% in March 2023 to $20 billion from $20.9 billion.

Based on estimates from London-based commodity data analytics company Vortexa, which measures imports using ship movements, Russia was still the world's top supplier of crude oil as of March, continuing an 18-month trend. Imports from Russia increased 7% month over month in March to 1.36 million barrels of crude oil per day from February.

Lower imports from the nation were initially anticipated by analysts following the US's imposition of new sanctions against Sovcomflot, the largest tanker firm in Russia, on February 23. A portion of the fleet's fourteen tankers were subject to sanctions, which were declared on the second anniversary of Russia's invasion of Ukraine.

But in recent months, India has also had the lowest average incidence of discounts since the invasion of Ukraine in late 2023. According to sources, it was roughly $3–4 per barrel in March. Import bill for crude oil decreases as volumes level off.