Coronavirus impact: Oil at $50/barrel may cut India’s import bill by $17 billion in FY21
India’s crude import bill may decline by a massive $17 billion or 17% year-on-year in FY21 if the Indian basket price remains subdued around the current level of $50/barrel through the next fiscal, in what could give a big relief to the country’s current account.
The price of the Indian crude oil basket, which stood at $64 per barrel in January, dropped to $55 in February. Brent crude oil prices rose on Monday, reversing a drop to multi-year lows last week, as hopes of a deeper cut in output by Opec and central bank stimulus countered worries about damage to demand from the spread of coronavirus.
