India ‘to save $45bn on crude oil imports next financial year’

India ‘to save $45bn on crude oil imports: As global crude oil prices take a hit due to the Covid-19 pandemic, India, a nation that imports 80% of its oil, is likely to save $45 billion (£39bn) on oil imports in the next financial year, according to the Confederation of Indian Industry (CII).

A new report release by the organisation stated that the Union government has increased the excise duty and cess on both petrol and diesel cumulatively by ₹3 (£0.034) per litre.

The industry chamber stated: “In 2020, international crude oil prices are expected to average $35 (£29.7) per barrel from $65 (£55.1) per barrel in 2019, a fall of about $30 (£25.5) per barrel.

“India is expected to save about $45 billion (£38.2bn) on oil imports for full year 2020-21.”

The post India ‘to save $45bn on crude oil imports next financial year’ appeared first on Energy Live News.

, , , , , , , ,
Previous Post
Scottish wind farm to raise emergency fund
Next Post
Green certificate sale in India witnesses 64% hike

Related Posts

Menu