INDIA's crude oil import bill is likely to ouch $26 billion in 2018-19 as rupee falling to a record low has made buying of oil from overseas costlier, government officials said on August 16. Besides, the rupee hitting a record low of 70.32 to a US dollar in the opening deal on Thursday will also lead to a hike in the retail selling price of petrol, diesel and cooking gas (LPG).
India, which imports over 80 per cent of its oil needs, spent $87.7 billion (Rs 5.65 lakh crore) on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
"We at the beginning of the financial year estimated that crude oil...
