India has ramped up its strategic oil reserves since mid-March in view of the slump in crude prices and hopes to fill it to the brim by May end, yet, the country’s oil import bill in FY20 could be just a little over $100 billion, much lower than $111.9 billion reported in FY19.
Against the projected $111.3 billion (233 million tonne) for FY20, India imported just $95.5 billion (207 million tonne) of crude oil in April-February of the fiscal, which was even 7.2% lower than in the year-ago period (6.6% lower in rupee term).
