(PTI)
India’s oil import bill is likely to jump by a quarter to USD 87.7 billion in the current fiscal year which ends this weekend as international oil prices have surged. India had imported 213.93 million tonnes (MT) of crude oil 2016-17 for USD 70.196 billion or Rs 4.7 lakh crore.
For 2017-18, the imports are pegged at 219.15 MT for USD 87.725 billion (Rs 5.65 lakh crore), according to the latest data available from oil ministry’s Petroleum Planning and Analysis Cell (PPAC). India relies more than 80 per cent on imports to meet its oil needs. During first 11 months of current fiscal (April 2017 to February 2018), the country imported 195.7 MT crude oil for USD 63.5 billion.
