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 oil imports fall 35% in July
The Dollar Business Bureau India’s oil imports contracted to $9.48 billion in July, registering almost 35% fall from the level of $14.57 billion recorded during the same month a year ago. This has led to a reduction in the country’s trade deficit. According to the latest government data, oil imports during July, 2015 were valued at $9.48 billion, down 34.91% from that of the corresponding period last year. The country’s total oil import during April-July has also come down by 37.91% to $34.14 billion from $54.99 billion recorded in the first four months of the last fiscal. Inbound shipment of crude oil has the largest contribution to India’s overall import bill. But falling oil prices in the international market in the ...
