Mr patel said fall in oil prices to increase disposable incomes, reduce input cost of businesses and bring down energy subsidy burden.
Both Brent and US crude are at their weakest since early 2009 after dropping for seven straight weeks as oversupply clashes with slowing demand. They have plunged almost 60 percent since June last year.
Mr Patel's speech at an event was uploaded on RBI website on Tuesday.
"It (oil fall) saves, on an annualised basis, around $50 billion, roughly, one-third of our annual gross POL (Petroleum, Oil and Lubricants) imports of about $160 billion ... But our external situation undoubtedly improves."
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