New Delhi, April 15 -- Crude oil prices have risen sharply due to the ongoing West Asia conflict and are not expected to return to the earlier level of $65 per barrel in the near term, according to a report by brokerage firm Prabhudas Lilladher. The report noted that the increase in prices is likely to persist, keeping India's import bill elevated for the coming months.

"We believe crude prices are unlikely to revert to pre-Gulf war conflict levels of USD65/barrel," the report said.

India buys around 4.3 million barrels of crude every single day. That adds up to about $180 billion a year. With prices now much higher, Prabhudas Lilladher estimates India's oil import bill could jump by more than $70 billion a year. "The current spike in c...