Crude Oil Price Concern: Crude Oil is still trading above $100. Due to which the people of India face the cost of expensive petrol and diesel every day. India depends on imported crude oil for 85% of its gasoline and diesel consumption. The burden of purchasing expensive crude oil falls on the government treasury because more dollars are spent on it, due to expensive gasoline and diesel, the impact of inflation is different. In such a situation, the finance ministry said the government is exploring all viable options to purchase crude oil at low prices.
The Ministry of Finance, in its monthly economic review report for the month of March, said that “bearing in mind the spirit of a self-reliant India, placing national economic and security interests above all Another consideration, the government is exploring all viable options including import diversification.”
Where crude oil can be purchased at affordable prices. The report said: “If the international price of crude oil persists for a long period, India’s path to achieve 8% growth in 2022-23 There could be a hurdle. The review report from the Ministry of Finance expressed concern that the increase in imports in March is not good for the economy due to the 20% month-on-month increase in crude oil prices.
In order to ensure crude oil supply and reduce the risk of reliance on crude oil from one region, India is focusing on diversifying its oil basket across different geographies like the Middle East, Africa, North America, South America, etc. In its monthly review report, the Ministry of Finance said that cheaper crude oil from Russia and energy sources other than conventional hydrocarbons were part of the strategy to mitigate the adverse effects of rising oil prices.
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