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ICRA FORECASTS INDIA'S OIL IMPORT BILL TO POTENTIALLY REACH $101-104 BILLION IN FY25
The Business Guardian
|May 01, 2024
The country's oil imports saw a decline in value by 15.2 percent year-on-year during April-February of the last fiscal year, supported by falling global crude oil prices and increased purchases of discounted Russian crude
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India's net oil import bill is projected to rise to USD 101-104 billion in the current fiscal year, according to a statement from ICRA on Tuesday. This increase from USD 96.1 billion in 2023-24 is influenced by several factors, including the potential impact of the Iran-Israel conflict on oil prices. The rise in oil prices could further elevate India's oil import expenses.
ICRA's analysis highlights the importance of Russian oil imports in reducing India's oil import bill. The savings from purchasing discounted Russian crude amounted to USD 7.9 billion in the 11 months of 2023-24, up from USD 5.1 billion in the previous fiscal year. However, any persistence of low discounts on Russian crude purchases could lead to a widening of India’s net oil import bill.
Esta historia es de la edición May 01, 2024 de The Business Guardian.
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