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India’s oil import bill jumps 40% to $140 bn in FY’12

India’s oil import bill leaped 40 per cent to a record $140 billion in 2011-12 as high oil prices shaved off much of the nation’s GDP growth rate,petroleum minister S Jaipal Reddy said

Written by Press Trust Of India | New Delhi | Published: June 14, 2012 12:52:58 am

India’s oil import bill leaped 40 per cent to a record $140 billion in 2011-12 as high oil prices shaved off much of the nation’s 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 India’s oil import bill rise from $100 billion to $140 billion dollars”.

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