Indias crude oil import bill to increase by 25% in 2017-18
The Dollar Business Bureau India’s crude oil import bill is expected to increase by 25% to $87.7 billion in the current fiscal of 2017-18, which closes on this weekend as there is a surge in the global oil prices. In the month of February alone, India’s oil import bill surged by 28% to $8.1 billion as compared to the same month last year, according to the latest data of the Ministry of Petroleum and Natural Gas. For the current financial year, the imports of crude oil are pegged at 219.15 million tonnes for $87.725 billion (about Rs.5.65 lakh crore), as per the latest data available from Petroleum Planning and Analysis Cell (PPAC), an arm of Petroleum Ministry. The country’s crude oil imports were 213.93 ...
Indias edible oil imports to increase by 15-20%
The Dollar Business Bureau India's import bill for edible oil is expected to increase by 15-20 percent during the current oil year, from November 2015-October 2016, due a significant rise in the crude palm oil prices in the world markets and a supply shortage in domestic market. A decline in production of edible oil in local market, and a sudden increase in demand on subdued prices over the last year, has broadened the supply deficit in India. During the oil year 2014-15, India’s vegetable oil (edible and non-edible) imports were about 14.5 million tonnes, amounting to Rs.60,000 crore. This is expected to increase to 16 million tonnes, worth Rs.75,000 crore, by the end of October 2016. According to the data compiled by Solvent Extractors' ...
Indias crude import bill to fall further to 45% in FY'16
Domestic consumption of petroleum products have gone up, largely due to lower fuel prices, gradually-picking up economic activity and higher car sales during the current financial year The Dollar Business Bureau The Indian crude basket averaged $28.08 a billion in January 2016 as compared to $35.68 a billion during the previous month. Amid the ongoing descend in global oil prices, Indias import bill of crude oil is projected to come down by 45%, said the Petroleum Planning & Analysis Cell (PPAC) in its monthly report. The import bill of crude oil is estimated to reduce by 45% from $113 billion in 2014-15 to $62 billion in 2015-16 making the Indian basket crude oil price of $35 per barrel and Rs.67 for the balance ...
India to soon clear $700 million oil dues to Iran
Source: PTI India will in next few days pay Iran $700 million to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. The Reserve Bank of India will make payments of $6.5 billion in past oil dues to Iran “in a calibrated manner so that there is no pressure on exchange rate”, a senior finance ministry official said on Monday. The first tranche will go out “sometime this month,” he said. Another official said the first tranche of $700 million will go out in "next few days". “Modalities are being worked out and it will be paid in next few days,” he said. US Treasury's Office of Foreign Assets Control last month approved ...
Defence Ministry moots indigenization, reduction in import bill
Sai Nikesh | The Dollar Business “Need of the hour is to throw light on the public sector in defence production and procurement, in addition to the private sector,” said Union Defence Minister Manohar Parrikar. Speaking at a Consultative Committee meeting, Parrikar said that his ministry will soon bring major changes in the Defence Procurement Procedure and the Defence Production Policy, by providing greater autonomy to the Defence Public Sector Undertakings (DPSUs) and Ordnance Factory Board (OFB) units for their expansion and diversification. Addressing the members who felt that DPSUs are facing denigration, Parrikar said that there is a great need to delegate enough powers to DPSUs in decision making to encourage them improve the serviceability of the platforms available to ...
