This is in contrast to the first five months of the current financial year (FY25) when the value of oil imports rose vis-à-vis the corresponding months of the previous fiscal.
A downward pressure on international oil prices, and consequently on India's oil import bill, is a positive for the country due to its extremely high dependence on oil imports. Latest government data shows that India's reliance on imported crude was at 88.1 per cent for April-November. Oil and gas imports have the highest share in India's overall merchandise import bill.
This story is from the December 26, 2024 edition of Financial Express Delhi.
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This story is from the December 26, 2024 edition of Financial Express Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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