India's Inflation: FinMin Assures Lok Sabha of Limited Impact from Rising Global Oil Prices

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FinMin: Global Oil Price Hike Won't Significantly Impact India's Inflation Now

FinMin: Global Oil Price Hike Won't Significantly Impact India's Inflation Now

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CNBC TV18•09-03-2026, 14:14

FinMin: Global Oil Price Hike Won't Significantly Impact India's Inflation Now

•Finance Ministry states global crude price rise due to West Asia tensions unlikely to significantly impact India's inflation currently.
•Crude Oil FOB Price (Indian Basket) jumped from $69.01 to $80.16 per barrel by March 2, 2026, following Middle East tensions.
•Ministry notes India's inflation is near its lower bound, limiting the immediate impact on prices.
•RBI's October 2025 Monetary Policy Report projected a 10% crude price rise could push inflation up by 30 basis points.
•India, importing over 85% of its crude, is highly sensitive to oil fluctuations; sustained prices above $80 can widen current account deficit and impact GDP.

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