The oil import bill for the current fiscal is set to jump 27 per cent to $112 billion because of a spike in global crude prices and the depreciation of the rupee, according to the latest estimates.
The import bill in the next fiscal could increase further, if the geopolitical situation worsens.
“The import bill of crude oil is estimated to increase 27 per cent to $112 billion in 2018-19 from $88 billion in 2017-18 considering the actuals up to December 2018 and the Indian basket of crude oil price at $57.77/bbl and exchange rate at Rs. 70.73/$ for January 2019-March 2019,” according to the latest oil ministry document.
