India ‘to save $45bn on crude oil imports next financial year’

A $1 decline in global prices of crude oil reduces India’s import bill by $1.5 billion, states the Confederation of Indian Industry

As global crude oil prices take a hit due to the Covid-19 pandemic, India, a nation that imports 80% of its oil, is likely to save $45 billion (£39bn) on oil imports in the next financial year, according to the Confederation of Indian Industry (CII).

A new report release by the organisation stated that the Union government has increased the excise duty and cess on both petrol and diesel cumulatively by ₹3 (£0.034) per litre.

The industry chamber stated: “In 2020, international crude oil prices are expected to average $35 (£29.7) per barrel from $65 (£55.1) per barrel in 2019, a fall of about $30 (£25.5) per barrel.

“India is expected to save about $45 billion (£38.2bn) on oil imports for full year 2020-21.”

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