PW Bureau
Crude oil is hovering around US$70 a barrel as the Organisation of the Petroleum Exporting Countries and Russia extended production cuts
New Delhi: As oil prices trace an uphill trajectory, India’s oil import bills are set to swell to its highest in the last five years under the current Bharatiya Janata Party (BJP) regime. According to estimates, India’s crude oil import bill for 2018-19 could shoot up to US$115 billion or more, marking a 30 percent increase over 2017-18’s US$88 billion. The estimates are based on an increase in global crude oil prices from the second half of March, as crude oil reached a new high in 2019.
Crude oil is hovering around US$70 a barrel as the Organisation of the Petroleum Exporting Countries (OPEC) and Russia extended production cuts.