The recent rally in international crude oil prices has inflated India’s crude oil import bill by 23 per cent to $8.2 billion in the month of April despite the quantity of imports in the month falling by 5 per cent, fresh data published by Petroleum Planning and Analysis Cell (PPAC) showed.
The data from the statistical arm of the oil ministry also shows the country’s total crude oil import bill in the current financial year (2018-2019) is expected to jump 24 per cent to $109 billion from $88 billion last fiscal year.
India imported 17.2 Million Tonne (MT) of crude in the month of April, down 5 per cent from 18.1 MT imported in the corresponding month last financial year. The country’s gross petroleum imports including crude oil and petroleum products also decreased to 20.2 MT in April 2018 from 20.8 MT in April 2017. Read More
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