The crude oil import bill for India is expected to increase by $37 billion to $125 billion during the current financial year (2018-19, or FY19) — a 42 per cent spike over the 2017-18 (FY18) bill of $88 billion. The latest estimates were released by the Petroleum Planning and Analysis Cell (PPAC) on Monday. The previous estimate for the year was $105 billion. Rising crude oil prices and a weak rupee are the main reasons for this rise.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government’s earlier estimate of $65 a barrel for the year and $56.39 for FY18.
During the initial estimates by the PPAC, the exchange rate for the rupee was presumed to be 65 a dollar. On Monday, the exchange rate was Rs 73.52 a dollar, and it has hovered around Rs 72.22 a dollar in the second half of the financial year. Read More
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