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The Petroleum Planning and Analysis Cell has revised India’s crude oil import estimates for 2015-16 to 188.23 million tonne for ₹5,48,655 crore or $88.203 billion.
The latest estimates from the PPAC takes into account the actual imports from April and May this year. As a result, its estimate for the full year is lower than that given last month.
At the end of April, PPAC estimate India’s crude oil import bill to be ₹5,52,209 crore or $88.968 billion. PPAC’s latest estimate is 21.7 per cent lower than $112.748 billion spent by India for 189.43 million tonne of crude oil in 2014-15.
While giving its estimates, PPAC said that if crude prices increases by $1 per barrel then the net import bill will rise by ₹7,096 crore or $1.14 billion and if the exchange rate increase by ₹1 to a dollar then net import bill will increase by ₹7,440 crore or $1.18 billion.
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