India's oil bill to rise to Rs 172,326 cr

India's crude oil import bill is likely to jump by more than 47.5 per cent to Rs 172,326 crore (Rs 1723.26 billion) during the current fiscal as international prices have been soaring to record levels.

"While the basket of crude Indian refiners buy averaged $39.22 a barrel in 2004-05, it has sharply risen to $51.08 a barrel in April-July this fiscal. It touched a peak of $58.83 per barrel on August 8," a top official said.

The spurt in international prices was likely to see country's crude oil import bill swell to Rs 172,326 crore (Rs 1723.26 billion) in 2005-06 as against Rs 116,806 crore (Rs 1168.06 billion) in 2004-05 fiscal.

The projection is based on crude price of $55 per barrel and exchange rate of Rs 45.50 per dollar.

India is projected to import 98.264 million tonnes of crude oil during current fiscal as compared to 95.857 million tonnes crude imported in 2004-05.