India’s crude oil import bill set to rise 20% to $105 billion in FY19

India’s crude oil import bill set to rise 20% to $105 billion in FY19

The steady rise in international crude oil prices besides pinching the pockets of Indian consumers may also disrupt the government’s fiscal maths with the country’s crude oil import bill expected to surge by 20 per cent to $105 billion in financial year 2018-2019, an Oil Ministry report said.

“The import bill of crude oil is estimated to increase by 20 per cent to $105 billion this fiscal from $88 billion in 2017-18, considering Indian basket crude oil price of $65/bbl and exchange rate of $/Rs = 65,” Petroleum Planning and Analysis Cell (PPAC) said in its report.

Sector analysts expect that this may lead to petroleum subsidy to fall short on the back of steady rise in crude oil prices and revised target of providing 8 crore Liquefied Petroleum Gas (LPG) connections under Pradhan Mantri Ujjwala Yojana (PMUY). Read More

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