Indias oil import bill jumps 40 to 140 bn in FY12

Indias oil import bill leaped 40 per cent to a record 140 billion in 2011-12 as high oil prices shaved off much of the nations GDP growth rate,petroleum minister S Jaipal Reddy said on Wednesday.

Speaking at the 5th OPEC International Seminar in Vienna,Reddy said higher international oil prices were a prime reason for slow economic growth.

Reddy said between the 2010-11 and 2011-12,the India saw its average cost of imported crude oil rising by 27 per barrel,making Indias oil import bill rise from 100 billion to 140 billion dollars.