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Even $1 rise in crude can inflate import bill by Rs 61.6 bn: India Ratings

According to the ratings agency, if the organisation of the petroleum exporting countries (Opec) and its allies decide to hold their supply, oil prices are likely to rebound

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As India continues to be a large importer of crude oil, a change of even $1 per barrel will impact the country's import bill by Rs 61.6 billion, says India Ratings (Ind-Ra). According to the ratings agency, if the organisation of the petroleum exporting countries (Opec) and its allies decide to hold their supply, oil prices are likely to rebound. ALSO READ: Petrol, diesel prices slashed by 40 paise as global crude oil slips "This will increase India's import bill as it meets over 80 per cent of its demand through imports, and a change of even $1 per barrel will ...