'Even $1 rise in crude can inflate import bill by Rs 6,160 cr'
"This will increase India's import bill as it meets over 80 per cent of its demand through imports, and a change of even USD 1 per barrel will impact the country's import bill by Rs 6,160 crore," it said.
The organisation of the petroleum exporting countries (OPEC) and its allies decide to hold their supply, oil prices are likely to rebound, Image source: Reuters