India’s crude oil import bill is set to exceed USD 100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs.
India spent USD 94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC).
It spent USD 11.6 billion in January alone when oil prices had started to surge. This compared with USD 7.7 billion spending in the same month last year.
In February, oil prices crossed USD 100 per barrel and going at this rate, India, which imports 85 per cent of its crude oil requirements, is expected to almost double its import bill to USD 110-115 billion by the end of the fiscal year 2021-2022.
