Crude import bill likely to fall 21.7% this fiscal
India's crude oil import bill is likely to fall by 21.7 per cent this fiscal to $88 billion on falling international oil prices, according to latest Petroleum Ministry estimates.
India, which is 80 per cent import dependent to meet its oil needs, spent $112.748 billion in 2014-15 on <g data-gr-id="23">import</g> of 189.43 million tonnes of crude oil. In rupee terms, it came to Rs 687,369 crore.
For the current fiscal, the ministry's Petroleum Planning and Analysis Cell (PPAC) has estimated $88.203 billion spending on import of 188.23 million tonnes of crude oil. In rupee terms, it comes to Rs 548,655 crore. India had paid a record $144.293 billion on <g data-gr-id="25">import</g> of 184.79 million tonnes of crude oil in 2012-13.
The import bill came down marginally to $142.962 billion in the following year even though the volume of oil imported went up to 189.238 million tonnes, but the slide in international oil prices from $115 per barrel to less than $50, helped bring it down to $112.748 billion in 2014-15, according to PPAC data. India's crude oil import bill in 1998-99 was $3.518 billion on import of 39.8 million tonnes of crude oil and climbed to $9.2 billion in the following year on import of 57.8 million tonnes of crude oil.
It stayed below $20 billion for next five years. It started to climb from 2004-05 and saw the real jump happening in 2010-11 when it soared to $100.08 billion on <g data-gr-id="29">import</g> of 163.5 million tonnes of crude oil from $79.876 billion in 2009-10. In the first two months of current fiscal, India imported 32.99 million tonnes of crude oil for $13.806 billion. PPAC said while the April-May 2015 imports are based on actuals and for June 2015 to March 2016, the imports are estimated at $65 per barrel and foreign currency exchange rate of Rs 62 to a US dollar.
"If crude prices <g data-gr-id="24">increases</g> by $one per barrel, net import bill increases by Rs 7,096 crore ($1.14 billion). And if exchange rate increases by Rs 1 to a USD, net import bill increases by Rs 7,440 crore ($1.18 billion)," it said.