Steep increase likely in crude oil import bill

Steep increase likely in crude oil import bill

India’s crude oil import bill could jump a quarter in 2017-18 on estimates of higher average oil rates after a price collapse sharply brought down payments in the previous two years.

The value of crude import could rise to $88 billion this year from $70 billion in 2016-17, according to the oil ministry’s estimate. In rupee terms, it could rise 22% to Rs 5.75 lakh crore. The estimate assumes crude at $55/barrel and an exchange rate of `65 for a dollar for 2017-18. Read more

Credits:economictimes.indiatimes.com

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