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India to save ₹1.8L-cr on import bill on easing global oil prices
Orissa POST
|May 08, 2025
India as world's third largest oil importing and consuming nation, is likely to save approximately ₹1.8 lakh crore on import of crude oil and LNG shared Investment information and credit rating agency (Icra).
India meets over 85 per cent of its crude oil needs through imports, spent USD 242.4 billion on buying crude from overseas in the fiscal year ended March 31, 2025. With domestic production meeting roughly half of the demand, it also spent USD 15.2 billion on import of liquefied natural gas (LNG) in the fiscal.
Icra expects average crude prices for FY2026 (April 2025 to March 2026 fiscal year) to remain in the USD 60-70 per barrel range, the rating agency said in a note.
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