The revised rate of monthly increase was implemented from June 1. "The order (scrapping the monthly hike) did not give any reason," he added. Any requirement beyond that is to be purchased at market price.Low oil prices had saved India billions of dollars in oil import bill. While the government does not directly buy crude, lower outgo helps keep CAD (current account deficit) in the safe zone. This, in turn, keeps the rupee strong and inflation as well as a fiscal deficit in check.

Source: Times of India December 28, 2017 17:15 UTC