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.
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