IOC's import bill soars by Rs 300cr on rupee depreciation

Indian Oil Corporation (IOC), the state-run oil marketing company, today revealed that its import bill has shot up by Rs 300 crore for crude oil. The increase is due to sharp depreciation in the rupee value over the last few weeks.

"The impact till now is Rs 1,200 crore," IOC Chairman Sarthak Behuria told reporters here. He also said that the company's crude oil import bill during this financial year is likely to be $38-40 billion as against $34 billion last year as crude prices have risen.