Crude Oil Price Hike Concern: Crude oil is still trading above $100. Due to which the people of India are facing the cost of expensive petrol and diesel every day. India is dependent on imported crude oil for 85 per cent of its petrol and diesel consumption. The burden of buying expensive crude oil is falling on the government’s treasury because more dollars are being spent on it, due to expensive petrol and diesel, the impact of inflation is different. In such a situation, the Finance Ministry has said that the government is exploring all viable options to buy crude oil at a cheap price.
The Finance Ministry, in its Monthly Economic Review Report for the month of March, said that, “Keeping in mind the spirit of a self-reliant India, putting national economic and security interests above any other consideration, the government is exploring all viable options including import diversification.” In which crude oil can be purchased at affordable prices. The report said, “If the international crude oil price persists for a long time, India’s path to achieve 8 percent growth in 2022-23 There could be an obstacle. The Finance Ministry’s review report has expressed concern that the increase in imports in March is not good for the economy due to the 20 percent month-on-month increase in crude oil prices.
In order to ensure the supply of crude oil and reduce the risk of dependence on crude oil on only one region, India is focusing on diversifying its petroleum basket in different geographical locations like Middle East, Africa, North America, South America etc. Is. In its monthly review report, the finance ministry said cheaper crude oil from Russia and energy sources beyond conventional hydrocarbons were part of the strategy to mitigate the adverse effects of higher prices.
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