{"id":339898,"date":"2020-03-02T11:19:34","date_gmt":"2020-03-02T05:49:34","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=339898"},"modified":"2020-03-02T11:49:39","modified_gmt":"2020-03-02T06:19:39","slug":"virus-impact-crude-fall-to-bring-smaller-oil-import-bill-for-india-dip-likely-to-sustain","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/virus-impact-crude-fall-to-bring-smaller-oil-import-bill-for-india-dip-likely-to-sustain\/","title":{"rendered":"Virus impact: Crude fall to bring smaller oil import bill for India; dip likely to sustain"},"content":{"rendered":"<p>NEW DELHI: India\u2019s oil import bill is expected to shrink sharper than previously estimated 6% as the increasing spread of Covid-19 across the globe has depressed crude oil prices to below $50 a barrel, industry insiders said.<\/p>\n<p>The oil ministry\u2019s petroleum planning and analysis cell had estimated that crude oil import bill would decline 6% to $105 billion, or Rs. 7,43,900 crore, in 2019-20 from $112 billion, or Rs. 7,83,200 crore in the previous year. This is based on actual average price of $64\/barrel for April-December and an assumed price of $66\/barrel for January-March on an average exchange rate of Rs. 71 to a dollar.<\/p>\n<p>However, since the beginning of 2020, crude oil prices have contracted by a quarter from $66 a barrel to under $50 a barrel on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: India\u2019s oil import bill is expected to shrink sharper than previously estimated 6% as the increasing spread of Covid-19 across the globe has depressed crude oil prices to below $50 a barrel, industry insiders said. The oil ministry\u2019s petroleum planning and analysis cell had estimated that crude oil import bill would decline 6% to $105 billion, or Rs. 7,43,900 crore, in 2019-20 from $112 billion, or Rs. 7,83,200 crore in the previous year. This is based on actual average price of $64\/barrel for April-December and an assumed price of $66\/barrel for January-March on an average exchange rate of [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-339898","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/339898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=339898"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/339898\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=339898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=339898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=339898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}