Crude shock: CAD ghost to haunt India again in FY19 as oil prices soar

Landed price of oil as 20% higher than govt assumption this week

The last year of the current National Democratic Alliance government (2018-19) could be very similar to its first year (2014-15) in terms of its ability to manage India’s current account and to earn substantial revenue from retail sale of petroleum products, if current oil prices are taken as representative for the year.

Crude oil price for Indian basket touched $75 per barrel on May 9 after 41 months — last such instance was in the first week of December 2014 — as Brent crude prices rose 6 per cent in the first 10 days of the month from $73 to