India's private and state-owned refiners will negotiate crude oil import deals as a group in order to strike better deals with oil producers, Federal Oil Minister Dharmendra Pradhan said on Monday. The world's third-largest oil consumer meets over 80% of its oil demand via imports, thus its economy is highly susceptible to oil price volatility. The sharp erosion in the value of rupee against the dollar has compounded its problems, forcing the government to take various steps to reduce the country's import bill.
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