Implications of Surging Crude Prices on Indian Oil Marketing Companies
Since the beginning of this decade India’s oil import bill has grown tremendously. The total crude oil import in India grew from 74.09 Million Tons at a total cost of $ 12.9 Billion in 2000-2001 to 120.01 Million tons at the cost of $ 61.72 billion in 2007-2008. Currently India’s imports are more than three quarters of the total oil consumed domestically which also reflects the fact that the energy bill of the nation is growing alarmingly. Since oil prices are an important determinant of the economic performance of an import dependent county, the impact of growing prices are manifold. The bigger the oil-price increase and the longer and higher prices are sustained, the bigger the macroeconomic impact on the country.
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Implications of Surging Crude Prices on Indian Oil Marketing Companies Reference Code: GDGE0567VPT Publication Date: JUN 2008 Energy Viewpoint GDGE0567VPT / Published JUN 2008 © GlobalData. This brief is a licensed product and is not to be photocopied Page 1 Table of Contents 1 Table Of Contents 1 Table Of Contents 2 1.1 List of Tables 4 1.2 List of Figures 5 2 GlobalData Viewpoint 6 2.1 Summary 6 3 Implications of Surging Crude Prices on Indian Oil Marketing Companies 7 3.1 India’s Oil Import Dependency and Crude oil Price 7 3.2 Impact of Oil price rise on and OMCs 7 3.3 Oil Bonds as Damage Limiting Measures: Pros and cons 8 3.4 Conclusion 10 4 Recent Developments 11 4.1 Jun 02, 2008: Oil Subsidy May Triple To 2.2% Of GDP 11 4.2 May 28, 2008: India's Crude Oil Import Bill Raised By 40% 11 4.3 Ma
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