India's crude oil import bill will double to over 100 100 billion

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New Delhi: The war between Russia and Ukraine has erupted in crude oil and will have the most adverse effect on India. India's crude oil import bill is expected to cross ૦૦ 100 billion in the current financial year 206-2.

This is double the cost of importing crude oil from India last year. Russia's attack on Ukraine has led to a surge in global crude oil prices to ૫ 105 a barrel, the highest in seven years. On the other hand, the weakening rupee against the dollar has pushed up imports.

According to the Ministry of Petroleum, India has spent a whopping ૩ 4.5 billion on crude oil imports in the first 10 months of the current financial year. In January alone, KD spent ૬ 11.5 billion, up from ૭ 4.5 billion last year. According to economists, India's crude oil import bill could reach થી 110 billion to ૫ 115 billion in the current financial year. India imports 3% of its crude oil needs.

So, in the last financial year 2020-21, India spent ૬૨ 4.5 billion on importing 127 million tonnes of crude oil. Of course, global crude oil prices were lower at the time due to the Corona epidemic, while crude oil is currently trading at around 100 a barrel.

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