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US-Iran tensions may spell trouble for India's oil future and economy

A $1/barrel change in crude oil price raises the import bill by Rs 6,328 crore, shows govt estimate

Shine Jacob  |  New Delhi 

Brent crude, the international benchmark for oil prices, rose 4.4 per cent to reach $69.16 a barrel at one point on Friday after the United States killed a top Iranian commander in an air strike, raising concerns about its impact on the Indian economy. The attack comes at a time when the Indian crude oil basket has averaged at $64 a barrel so far this financial year (2019-20, or FY20).

The country’s crude oil import bill is expected to increase from the earlier target of Rs 7.84 trillion which was marginally high — by 0.15 per cent — compared to 2018-19. On ...

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First Published: Fri, January 03 2020. 22:44 IST
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