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Simmering oil jacks up import bill

DNMUM400824 | 11/15/2017 | Author : Edit | WC :237 | Opinion & Viewpoint


Once again, the increasing crude oil prices have begun to jack up India’s import bill and the trade deficit, which is the difference between exports and imports. As per the commerce ministry data, trade deficit has widened to $14 billion during October as against $11.13 billion in October 2016, riding a 7.6% jump in the import bill (to $37.1 billion), especially the 27.9% year-on-year growth in oil bill to $9.2 billion. Crude prices have surged in the last two months after some oil-exporting countries triggered production cuts to drain the global oversupply.
Since India imports nearly 80% of its oil needs, fluctuation in global oil prices has an unavoidable impact on India. On an average a $1 increase annually in oil price
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