The refinery officials' plan to cut imports illustrates that rising crude prices and emerging market currency weakness may start causing oil demand to decline in a number of markets that have so far seen healthy crude consumption.

Brent crude, the international oil benchmark, jumped 2.6 per cent on Monday, its highest since 2014, after Saudi Arabia-led OPEC and Russia stopped short of pledging to boost crude output ahead of US sanctions on Iran.

As of June, retail balances in Maharashtra were the highest at Rs 5,50,200 crore, representing nearly 20 percent of all the retail advances in the country.