A debate has once again started whether the Finance Minister Nirmala Sitharaman should be worried about the spike in global crude oil prices, as her team works on the Union Budget.
The price at which the Indian refiners buy their crude oil has breached the $65 a barrel range in December, with global crude oil prices hitting $68 a barrel.
While a certain section within the government would like to believe that the Indian economy is no longer impacted by the crude oil prices, a larger section still believes that it is worrisome as it has an impact on country’s finances.
The Indian basket — the price at which Indian refiners buy crude — averaged $71 a barrel in April 2019, and then it declined to $ 59.35 a barrel in August, and $ 59.70 a barrel in October, till it moved up to $62.54 a barrel in November.
