New Delhi: A recession is going on in the country these days. Businesses have been troubled by this recession. Meanwhile, the country has suffered another setback. Oil prices in the country have been steadily rising after the Saudi drone attack. Many economic experts consider the rise in the price of crude oil dangerous for the country's economy. This may increase inflation and recession in the country. This is also because India is the third-largest oil importing country in the world. It imports about seventy per cent of its needs from foreign countries.

Nomura, head of Japanese financial services, said that when supply prices rise, oil prices (which currently are) are very harmful to large oil importers. He said that this happens because there is no significant increase in exports and high import cost due to oil, this worsens the current account situation rapidly. This reduces the profit margin. Rising oil prices increase the cost of production of companies and consequently increase the consumer price index. Crude oil prices have increased worldwide following the drone attack on Saudi Aramco oil wells in the past.

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