New Delhi, July 27 -- India's average crude oil basket price has declined sharply to USD 77.6 per barrel in July (up to July 22) from USD 114.5 per barrel in April 2026, easing pressure on the country's crude oil import bill and supporting the external sector, the government informed Parliament on Monday.

Replying to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the recent geopolitical developments in West Asia had adversely affected countries globally, with major implications for crude-oil-importing emerging economies.

"The average Indian crude oil basket prices have eased significantly from USD 114.5 per barrel in April 2026 to USD 77.6 per barrel in July 2026 (up to 22nd July). The decline in crude ...