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India’s crude oil import bill is expected to increase by 12.5 percent to $72 billion in the current financial year (2016-17), according to Petroleum Planning and Analysis Cell (PPAC), the oil ministry’s technical wing.
In the first ten months of the current fiscal (April-Jan), the Indian basket of crude oil averaged $47 per barrel as compared to $49 per barrel in the corresponding period last fiscal. During April-January 2016-17, the country’s import bill increased a mere 1.59 percent to $ 57.2 billion as compared to the corresponding period last fiscal year.
“The import bill of crude oil is estimated to increase by 12.5 per cent from $ 64 billion in 201516 to $72 billion in 201617 considering Indian basket crude oil price of $ 55 per barrel and Rupee-Dollar exchange rate of 67 for the balance part of the financial year,” PPAC said in a report.
PPAC said any upward change in the exchange rate or increase in crude oil prices during the last quarter of 2016-17 will push the country’s crude import bill above the $72 billion mark. A $1 per barrel increase in oil price will jack up the net import bill by $0.27 billion and an increase in exchange rate by 1 Re per Dollar will result in the import bill inflating by $0.22 billion.
India’s crude oil import bill fell 21 percent to $112.7 billion in 2014-15 and 43 percent to $64 billion in 2015-16.
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