Crude oil prices on fire again

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Crude oil prices on fire again

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Commodity

Oil

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Oil · 16 June, 2022

Crude oil prices on fire again

Crude oil prices have surged to a three-month high, with Brent rising nearly $10 per barrel since the government slashed duties on petrol and diesel last month to lower prices and cool in ation.

Commodity

Oil

Writer

Administrator

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India imports more than 85% of its crude oil needs.


Crude oil prices have surged to a three-month high, with Brent rising nearly $10 per barrel since the government slashed duties on petrol and diesel last month to lower prices and cool in ation.

The rally in crude prices has occurred despite forecasts of a sharp global economic deceleration.

With the trade deficit already at record highs, elevated crude prices are a significant risk to India’s growth and macroeconomic stability.

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by. The Economic Times Industry
Last Updated: Jun 12, 2022, 07:55 AM IST