He added that the oil import bill is likely to be lower in FY25 against FY24 in rupee terms.
India's net oil and gas import bill stood at $89 billion in April-November of FY25, against $79.6 billion a year ago. In FY24, the net oil and gas imports had touched $121.9 billion.
Moreover, the weakening of the rupee should have a limited impact on the country's negotiations and pricing with oil-exporting countries as most of the trade happens in dollar terms, analysts say. Icra expects the dollar-rupee pair to trade between 85 and 86 in the near term. The country is also a major importer of coal, given the need to run thermal power plants at plant load factors. There are units run specifically on imported coal. It is estimated that for every ₹1 change in the exchange rate, the cost of generation for imported coal-based power projects is expected to vary by 4 paise per unit.
This story is from the December 27, 2024 edition of Financial Express Kolkata.
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This story is from the December 27, 2024 edition of Financial Express Kolkata.
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