India's average crude oil import cost has fallen below $60 a barrel, reaching $59.29 on January 5, a level not seen since February 2021. This decline is attributed to softening global oil prices, with SBI Research predicting a further drop to around $50 by June 2026, and the EIA forecasting $55. The decrease is beneficial for India, a major importer, saving billions on its import bill despite increased shipment volumes. Lower oil prices are also expected to reduce inflation and strengthen the rupee.