Russia’s share in Indian oil imports jumped in March, but discount turned into a premium

The West Asia crisis and the resultant supply constraints have meant that not only has Russia’s share in India’s oil imports jumped once again, but this time India is paying a substantial premium for Russian oil rather than the discount it was earlier enjoying. 

An analysis by The Hindu of the latest data from the Ministry of Commerce and Industry shows that Russia’s share in India’s oil imports stood at 33.3% or one-third in March 2026, the first months after the West Asia crisis began. Simultaneously, the shares of the Gulf countries as well as the U.S. have fallen.