IOC’s crude oil import bill falls 67 per cent

IOC said its oil import bill has dipped 67% to $1.5 bn per month with the fall in crude oil prices.

Written by Agencies
New Delhi | March 4, 2009 12:36 PM IST

1 min read

Indian Oil Corp,the nation’s largest refiner,on Wednesday said its crude oil import bill has dipped 67 per cent to USD 1.5 billion per month with the fall in international crude oil prices.

Oil prices have fallen from the high of USD 147 a barrel in July to under USD 40 per barrel now,resulting in fall in the import bill,IOC Director (Finance) SV Narasimhan said at a seminar in New Delhi.