'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
Rising geopolitical uncertainty, a falling dollar and the growing speculative interest in commodities trading will keep crude prices volatile.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Petrol attracts a total excise duty of Rs 17.46 per litre.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
