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Oil Marketing Companies Losing ₹530 Crore a Day as Crude Oil Prices Surge
Oil Marketing Companies Losing ₹530 Crore a Day as Crude Oil Prices Surge
Crude Oil Jumps 3% After Fresh Strait of Hormuz Attacks, Brent Crosses $107
Rising international crude prices are increasing pressure on India’s oil import bill, fuel retailers and inflation outlook as West Asia supply risks intensify.
The Finance Ministry has warned that prolonged high crude oil prices could put pressure on India’s fiscal deficit and current account balance. Rising tensions in the Gulf may also increase inflation, disrupt trade and trigger volatility in capital flows.
Key Highlights New Delhi: Global oil prices surged sharply on Thursday after reports of fresh US military strikes on Iranian targets intensified fears of a prolonged conflict in the Middle East, raising concerns over global energy supply disruptions and inflation risks. Brent crude futures climbed above the $96 per barrel...
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