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
Latest posts by ET Energy World (see all)
- Tata Power’s arm CGPL raises Rs 1.1K crore via debt securities - June 15, 2019
- Effective policies, not deadlines, the need of the hour for energy sector - June 15, 2019
- ONGC sells naphtha at lowest premium since December last year - June 15, 2019