New Delhi, Aug. 15 -- India's annual oil import bill could rise by USD 5-10 billion if the country reduces its purchases of Russian crude by 50 per cent, economist and former UN advisor Santosh Mehrotra said, warning that such a move could also push up inflation and put pressure on the rupee and current account deficit.

In an interview with ANI, Mehrotra said India's high dependence on Russian crude and the discounted prices offered by Moscow have helped contain the country's oil import costs.

"In today's date, we have to keep in mind that our dependence on Russia is about 50 per cent for the oil supply," Mehrotra said.

He said Russia also supplies crude to India at a discount to international prices, making any significant reduction i...