Bangalore: Nirmala Sitharaman, the Union Finance Minister, said on Tuesday that she was worried about rising oil prices because of the Ukraine crisis. She said that the government is looking for other sources of energy. At a meeting of the BJP's Karnataka branch, she was asked about the impact of rising oil prices and the war in Ukraine on the Indian economy.
There is a good chance that it will hurt the Indian economy. It's something we'll have to see as we go along.
Indian crude oil is imported more than 85% of the time, and when prices go up, it is a big deal. "Now we'll have to see how it turns out."
She said that oil marketing companies set pump prices based on the average price of oil for the 15 days before that day. "But now, averages and even more than averages are the numbers we are talking about."
The government is watching to see if there are other places it can get crude oil, she said. "Of course, global markets are all the same at different places."
Govt will make decisions on oil prices in the best interests of citizens: Puri.
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