India's oil import bill likely to dip 35% to Rs 4.73 lakh crore in FY16

India's crude oil import bill is likely to dip by 35% to $73 billion this fiscal as global energy prices slumped on weak demand.

India had imported 189.43 (milion tonnes) mt of crude oil in 2014-15 for Rs 6.87 lakh crore. This fiscal the imports are projected at 188.23 mt almost the same level as previous year.

The country imported 114.9 mt of crude during April- October for $43.6 billion, according to the data of Petroleum Planning & Analysis Cell (PPAC). Going by the trend, PPAC projected an import of 188.23 mt for $73.28 billion or Rs 4.73 lakh crore.