Govt expects oil import bill to cross $100 billion mark after three years

The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre

Rising crude oil prices could become a concern for the Indian economy with the government expecting the oil import bill to rise by 20 per cent in the current year to $105 billion, up from $88 billion in 2017-18. Crude oil imports would be crossing the $100-billion mark after three years, though it would be still lower than the $140 billion and more for three years continuously starting 2011-12.

According to a report by the Petroleum Planning and Analysis Cell (PPAC), the $108 billion is estimated at an average Indian basket crude oil price of $65 a barrel, up from an