PM Requires Reducing Oil Import Bill By $25 Bn
Tushar A. Katira
PM calls for cutting oil import bill by $25 bn
Finally some sanity. While every minister obfuscates and talks of lowering minor imports and attracting FDI & FIIs, the PM has acknowledged that India’s oil imports are unsustainable and has known as for slicing these by $25bn from the web import invoice of $98bn final year.
Expect demand management via higher prices of petrol, diesel and massive automobiles/ crude oil price monthly SUVs.
After inserting restrictions on gold imports, Prime Minister Manmohan Singh earlier this week asked petroleum minister M Veerappa Moily to curb oil imports, the largest contributor to India’s import invoice, to cut back the greenback demand and shore up the rupee.
Sources mentioned the PM has set a figure of $25 billion to be shaved off from the oil import invoice. The cutback, he’s learnt to have informed Moily, was essential considering crude oil price had climbed to above $100 dollar-a-barrel mark in this month.
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