A late surge in oil prices is expected to increase India’s oil import bill to its five-year high. As per estimates, India could close 2018-19 with crude import bill shooting to $115 billion, a growth of 30 per cent over 2017-18’s $88 billion.
The latest estimates are based on increase in global crude oil prices from the second half of March, when prices reached a new high in 2019. Crude is hovering around $70 a barrel on the back of extended production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and Russia, and expectation of demand pick-up.
“The latest estimates suggest we could touch or cross $115 billion in oil imports in FY19. This is the highest level of imports in the five years of the Prime Minister Narendra Modi-led NDA government.
The Modi government started with an import bill of $112.74 billion in FY15. This, however, went down in subsequent years as the global oil prices crashed,” said an official source. Read More
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