India’s oil import bill is likely to jump by a quarter to $87.7 billion in the current fiscal year which ends this weekend as international oil prices have surged.
India had imported 213.93 million tonnes (MT) of crude oil 2016-17 for $70.196 billion or Rs 4.7 trillion.
For 2017-18, the imports are pegged at 219.15 MT for $87.725 billion (Rs 5.65 trillion), according to the latest data available from oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
India relies more than 80 per cent on imports to meet its oil needs.
During first 11 months of current fiscal (April 2017 to February 2018), the country imported 195.7 MT crude oil for $63.5 billion.
The basket of crude oil that India imports averaged $55.74 per barrel in the April-February period as compared to $47.56 a barrel in 2016-17 and 46.17 in 2015-16.
“April 2017-February 2018 crude oil imports are based on actuals and for March 2018, crude oil imports are estimated at crude oil price $65 per barrel and exchange rate Rs 65 to a US dollar,” PPAC said. Read More…