India's crude oil import bill up by 40%

摘要

India's oil import bill leaped 40% to a record $ 140-bn in 2011 -12 as high oil prices shaved off much of the nation's GDP growth rate, Oil Minister Mr. S. Jaipal Reddy said. Speaking at the 5th OPEC International Seminar in Vienna recently, Mr. Reddy said it was "estimated that a sustained $10 increase in oil prices lead to.a 1.5% reduction in the GDP of developing countries".