India's crude import bill may jump by up to 76 per cent to $110-120 billion this year based on current global prices, Petroleum Secretary, Mr M S Srinivasan said on Thursday.
“It will go up if the prices rise further,'' he told reporters on the sidelines of the 19th World Petroleum Congress as crude prices rose to a record $144 a barrel on Thursday.
In 2007-08, the import bill was $67.988 billion and the country had imported 121.672 million tonnes of crude. This year, the import would be higher because Reliance Petroleum's export oriented 29 MT refinery is set for commissioning in August-September.
He said fuel consumption growth will be 5-6 per cent, but if the current pricing policies continue, wherein auto fuels are cheaper than industrial fuel like naphtha, the demand may go up because there is a tendency for power generators to switch to diese l instead of fuel oil and naphtha for electricity generation. - PTI
“It will go up if the prices rise further,'' he told reporters on the sidelines of the 19th World Petroleum Congress as crude prices rose to a record $144 a barrel on Thursday.
In 2007-08, the import bill was $67.988 billion and the country had imported 121.672 million tonnes of crude. This year, the import would be higher because Reliance Petroleum's export oriented 29 MT refinery is set for commissioning in August-September.
He said fuel consumption growth will be 5-6 per cent, but if the current pricing policies continue, wherein auto fuels are cheaper than industrial fuel like naphtha, the demand may go up because there is a tendency for power generators to switch to diese l instead of fuel oil and naphtha for electricity generation. - PTI
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