Consumer items to get costlier in India as Donald Trump adds to India’s crude oil woes
The recent rise in crude oil prices following the US decision on Monday to not grant exemption from sanctions to the Iranian oil importers including India, may stoke India’s headline inflation going forward. It would eventually add to financial woes of common people as they will have to shell out more to fulfil their household needs.
As India is a huge consumer of crude oil and imports more than 80 percent of its oil needs, the rise in crude oil prices directly affects the consumers. It is also one of the third largest importers of crude oil from Iran after China and Japan. There has been a rally of around 4% in crude oil prices in the last ten days. Crude oil prices touched a six-month high this week.
Petroleum — a derivative of crude oil — is one product which is used in almost all the household products including home appliances and packaging materials. Consumer items including air conditioners, televisions, furniture, bottles, food and beverage containers, biscuits and noodles may get expensive with the surge in oil prices.
