Global oil hike couple-of-weeks phenomenon: Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Tuesday said that the “full blown” war in Ukraine had impacted all countries like the Covid19 pandemic due to disruption in supply chains and that the unprecedented rise in global oil prices was a challenge.

Sitharaman defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a “couple of weeks” phenomenon.