India imports 85 per cent of its domestic oil requirements. So any change in oil prices results in big savings for the country.
For India, good news is also coming from global developments in the oil market where prices are expected to remain soft in the absence of any big pick up in demand due to the Covid-19 pandemic while the market remains oversupplied with oil.
The benchmark Brent crude prices witnessed a drop in the preceding week, falling from a level of $42 a barrel to just about $38 a barrel now.
India imported 227 million tonnes of crude for $101.4 billion in 2019-20. The import bill in the April-September period of the current fiscal (FY21) has already fallen by about 58 per cent to $22 billion as compared to an import bill of $52.6 billion in the first half of FY20 due to lower oil prices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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