Business Daily from THE HINDU group of publications
Saturday, Mar 15, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 15, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Petroleum Indian crude basket continues to be over $100 Our Bureau New Delhi, March 14 The Indian crude basket continued to soar over the psychological mark of $100 a barrel for the fourth consecutive day on Thursday. The basket on Thursday closed at $103.05 a barrel, up from $101.97 a barrel the previous day. The crude oil basket prices have risen nearly 8 per cent so far this month compared with the average price in February. High international oil prices are exerting pressure on domestic prices of petroleum products. The volatile crude prices have not only resulted in negating the impact of recent hike in the retail selling price of petrol and diesel, but would also mean a higher oil import bill for the current fiscal. India’s dependence on oil imports, which is around 75 per cent at present, is expected to touch 90 per cent in the next two decades. Gross import billThe gross oil import bill, which stood at nearly Rs 1,31,000 crore in 2004-05, is expected to more than double during 2007-08. The country has already spent Rs 2,17,720 crore during the April-January period of current fiscal, against Rs 2,19, 029 crore spent in 2006-07. The Bill would have been higher had the rupee not appreciated against the dollar. The Indian crude oil basket has averaged $99.66 a barrel so far this month against $92.37 a barrel in February. More Stories on : Petroleum | Economy
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