November 11, 2026: A sharp correction in crude oil prices could ease India’s import bill and inflationary pressures while improving the competitiveness of non-oil exports, but the benefits will depend on whether lower prices sustain and translate into cheaper industrial inputs and shipping costs, said K. Rangarajan, Vice Chancellor of the Indian Institute of Foreign Trade (IIFT).

Brent crude has fallen sharply from its October 30 peak of $118 a barrel to around $92 on November 10, amid hopes of de-escalation in the US-Iran conflict. The decline offers some relief to India, which imports a large share of its crude requirements and faced a sharp rise in energy costs in recent months.

Oil going down from $100 is good," Rangarajan said, adding that lower oil prices would help non-oil exports by reducing the cost of production and exports.

However, easing crude prices does not immediately remove risks to India's external sector. Disruptions around the Strait of Hormuz, through which a significant share of India's crude imports traditionally passes, continue to leave energy supplies vulnerable to geopolitical developments.

(Source: Moneycontrol)