India's crude import bill is also worried about rising prices

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Mumbai: The country's crude import bill is expected to cross last year's level in the current month. India's crude oil import bill has risen due to tightening of crude oil prices and rising demand.

In the ten months to the end of October, the average price of crude oil had crossed 80 a barrel. India's crude import bill is likely to be the highest in the last three years this year due to high crude oil prices.

In October, the average price of crude oil in India was 2.11 per barrel.

India's crude oil import bill stood at ૨ 2.50 billion in 2020-21, up from. 21.10 billion in October of the current financial year. In the last financial year, India imported a total of 127 million tonnes of crude oil. This figure has reached 114 million tonnes so far in the current financial year.

India's average import price of crude oil in the first seven months of FY2009-21 was ૨૪ 4.5 per barrel, which has risen to ૭ 61.8 per barrel in the current financial year. Higher crude oil prices could put pressure on the country's forex reserves.

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