Linking Price and Import Demand Volatility of Crude Oil in India: A Comparative Analysis of Crude Oil Import Price Elasticities With Major Partner Countries

This paper examines how international oil and gas price fluctuations affect India’s imports of crude oil, refined oil, and LPG. We show that aggregate import demand responses can mask significant country-level differences in price elasticity. Our findings highlight the importance of country-specific analysis for understanding energy trade dynamics and offer new insights for policymakers in India and other oil-importing nations managing market volatility.