India’s oil import bill ballooned 52 per cent to $11.83 billion in August


India’s oil import bill ballooned 52 per cent to $11.83 billion in August

India’s oil import bill jumped 51.62 per cent $11.83 billion in August from $7.80 billion in the same month a year ago, fresh data source from the oil ministry showed.

However, the country’s current account deficit (CAD) narrowed to $17.4 billion during the month from $12.72 billion in August last year, primarily on the back of increase in petroleum product exports, which jumped 31.76 per cent to $3.81 billion during the month.

The country, which meets over 82 per cent of its crude requirement through imports, has been facing the onslaught of rising crude oil prices and a depreciating Rupee against the Dollar, which have been adding pressure on the CAD and fiscal deficit.

Overall, India’s crude oil imports in the April-August period of the current financial year (2018-19) rose 53.55 per cent to $58.81 billion, as compared to $38.30 billion in the corresponding months of the previous financial year. Read More

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