Fall in Price of Crude Oil Vis-A-Vis Fall in Rupee Against Dollar

It is estimated that for every one USD decrease in crude price, the country’s import bill decreases by around ₹ 8,578 crore (Eight Thousand, Five Hundred and Seventy Eight Crores). If the rupee appreciates vis-à-vis US Dollar then for every one rupee appreciation in exchange rate, the country’s crude oil import bill decreases by around ₹ 12,328 crore (Twelve Thousand, Three Hundred and Twenty Eight Crores).

The Government continuously monitors the export/import performance of different sectors, including Crude oil and need-based corrective measures are taken from time to time keeping in view the financial and overall economic implications.

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.