New Delhi: It is estimated that for every one USD decrease in crude price, the country’s import bill decreases by around Rs. 8,578 crore. 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 Rs. 12,328 crore
The Government continuously monitors the export or 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 in the Ministry of Commerce & Industry Nirmala Sitharaman in Rajya Sabha stated on February 26.