India’s crude oil import bill may increase 20% to $105 billion in this financial year from $88 billion in 2017-18

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India’s crude oil import bill may increase 20% to $105 billion in this financial year from $88 billion in 2017-18, the petroleum and natural gas ministry has estimated, assuming average crude oil price of $65 per barrel for the year, about $9 a barrel less than the current rate.

Crude oil prices have been surging in the international market lately, driven by a combination of healthy demand, supply cut by key oil producers led by the Organisation of the Petroleum Exporting Countries (OPE ..