Fuel challenge remains, govt explores solutions
“India’s vulnerability is in oil imports as it meets over 82 per cent of its crude oil requirement through imports. The high international prices are inflating the import bill. Oil imports have a negative impact on the rupee and the current account deficit (the difference between the inflow and outflow of foreign exchange). The country needs a stable regime for oil,” sources said. During the current financial year, the country has so far imported 220 mt of crude oil. It is believed that rising oil prices also influence Rupee’s movement. The meeting is also believed to have discussed impact of US sanctions on Iran.
Full report: dnaindia.com