India has long benefited from lower crude oil prices, especially as energy demand has seen a considerable rise with rapid economic growth. However, after marking a period of easing, oil prices started their up move beginning November last year and have now touched a $80 per barrel-mark. Currently, imports of crude oil account for over 87% of the total energy demand while the remaining is met via in-house production capabilities. To put things in perspective, crude prices (Brent) have inched up by more than 12% since the beginning of the year. What may become a serious concern is the possible bulge in the imports bill, given oil imports are one of the largest chunks of shipments.

Source: dna May 28, 2018 00:11 UTC