Weak rupee to worsen OMCs’ under-recoveries

A weak rupee will send India’s net oil and net gas imports bill soaring further from $114.7 billion last fiscal since the country meets 86% of its crude and 50% of natural gas requirement through imports.

The elevated crude prices, which after softening by over 15-20% in last three weeks on recessionary fears, to below the $100-mark, was trading again at $105.5 a barrel at 16.15 IST on Tuesday.