Page 28 - FIPI - Policy & Economic Report May 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• Top import sources (April 2026 growth):
o Peru (315.56%)
o Oman (246.42%)
o Saudi Arabia (30.29%)
o China (20.85%)
o Russia (18.21%)

Index of Eight Core Industries (ICI)

The Index of Eight Core Industries (ICI), a key indicator of industrial activity, increased by 1.7 %
(provisional) in April 2026 compared to April 2025, indicating a moderate recovery in core sector
performance following the contraction observed in March 2026. The growth was primarily supported by
strong expansion in cement and steel production, while energy-related sectors such as crude oil, natural
gas, refinery products, and electricity continued to face pressure.

The ICI tracks the performance of eight core industries—coal, crude oil, natural gas, refinery products,
fertilizers, steel, cement, and electricity—which together account for 40.27 % of the weight in the Index
of Industrial Production (IIP). As such, the index provides an important indication of industrial and
infrastructure activity in the economy.

The final growth rate of Index of Eight Core Industries for March 2026 was observed at 1.2 %. The
cumulative growth rate of ICI during April to March, 2025-26 is 2.7 % as compared to the corresponding
period of last year.

Sector-wise Performance

? Coal - Coal production (weight: 10.33 %) decreased by 8.7 % in April, 2026 over April, 2025. Its
cumulative index declined by 0.5 % during FY2026 over corresponding period of the previous year.

? Crude Oil - Crude Oil production (weight: 8.98 %) declined by 3.9 % in April, 2026 over April, 2025.
Its cumulative index declined by 2.8 % during FY2026 over corresponding period of the previous
year.

? Natural Gas - Natural Gas production (weight: 6.88 %) declined by 4.3 % in April, 2026 over April,
2025. Its cumulative index declined by 2.8 % during FY2026 over corresponding period of the
previous year.

? Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 %) declined by 0.5
% in April, 2026 over April, 2025. Its cumulative index declined by 0.1 % during FY2026 over
corresponding period of the previous year.

? Fertilizers - Fertilizer production (weight: 2.63 %) declined by 8.6 % in April, 2026 over April, 2025.
Its cumulative index declined by 0.1 % during FY2026 over corresponding period of the previous
year.

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