NEW DELHI: India’s crude oil import bill could jump a quarter in 2017-18 on estimates of higher average oil rates after a price collapse sharply brought down payments in the previous two years.The value of crude import could rise to $88 billion this year from $70 billion in 2016-17, according to the oil ministry’s estimate. The import bill rose to Rs 4.7 lakh crore in 2016-17, when crude had marginally risen to $47.56. In volume terms, the crude import is estimated to rise 2.7% to 219.7 million metric tonnes this fiscal year.In 2016-17, crude import rose 5.4%. In May, fuel consumption rose 5.4% to 17.79 million tonnes. Total consumption had risen 3.3% in April after falling for three months.

Source: Economic Times June 12, 2017 20:26 UTC