Fuel prices surging due to Ukraine war, says Sitharaman

Fuel prices are surging because of supply chain disruptions due to the Russia-Ukraine war at a time when India is integrated with the global economy, finance minister Nirmala Sitharaman told the Lok Sabha on Friday, while taking a dig at former Prime Minister Jawaharlal Nehru’s justification of high inflation in 1951 because of the Korean war and disruptions in America.

Replying to the Opposition’s comments that fuel prices have been raised after the assembly elections, Sitharaman said during the debate on the Finance Bill in the House that prices are surging because of the “global situation, war-like situation” and it has nothing to do with the elections.

She said oil marketing companies are procuring crude oil on a 15-day average rate, which is higher because of the Russia-Ukraine war.