The global rally of crude oil prices may have brought cheer to members of Organization of Petroleum Exporting Countries (OPEC) but for India, which imports over 82 per cent of its crude requirement, the rally has resulted in the oil import billballooning by 35 per cent to $10.34 billion in the month of December alone with fuel prices reaching record levels in January.
India’s cumulative crude oil bill in the first nine months of the current financial year increased by 24.18 per cent to $76.14 billion as compared to $61.31 billion in the corresponding period last fiscal.
The Petroleum Planning and Analysis Cell (PPAC), the statistical arm of Oil ministryhas estimated the country’s crude oil import bill to increase by 15 per cent to $81 billion for the full financial year ending March 2018. Every Dollar increase in crude oil price increases the country’s net import bill by $0.51 billion. Read More…
High Crude Price: India’s Oil Import Bill Balloons 35% To $10.34 Billion In Dec, Fuel Prices At An All-time High added by ET Energy World on
View all posts by ET Energy World →
Latest posts by ET Energy World (see all)
- Indian Oil Corp Enters Into Technology Tie-ups With Israeli Companies – January 16, 2018
- As Wind Energy Industry Grows, Changing Rules Get Tough For Many – January 16, 2018
- Punjab Power And Irrigation Minister Rana Gurjit Singh Resigns – January 16, 2018
