India’s crude oil import bill will likely swell 15% to $81 billion in the current fiscal year as prices soar amid output cuts led by OPEC and Russia.
The volume of crude import would remain little changed at 213.5 million metric tonnes in 2017-18 but the value would jump to $81billion from $70 billion in the previous year, according to an estimate by the Oil Ministry.
In rupee terms, the value is estimated to go up to Rs 5.2 lakh crore from Rs 4.7 lakh crore.
The import projection includes actual data for April-November and estimates for the balance four months of 2017-18 assuming crude oil at $55 per barrel and exchange rate of `65 a dollar. Read More…
Oil Import Bill May Swell 15% To $81 Billion In Fy18 added by The Economic Times on
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