Oil price to raise import bill by up to $50 bn, no excise cut likely
The Finance Ministry on Friday said the rising oil prices may inflate India`s import bill by around $25 billion to $50 billion even as it virtually ruled out reducing excise duty on petrol and diesel in the near future. Economic Affairs Secretary Subhash Chandra Garg said that any increase in crude oil prices has significant impact on the economy and is a cause of concern for the government
A surge in crude oil prices has also pushed the cost of petrol in the country higher with the transport fuel being sold at over Rs 75 per litre in the national capital. Image source: PTI