India, the world’s third-largest energy consumer, on Wednesday warned that high oil prices will undermine global economic recovery and nudged Saudi Arabia and other Opec nations to work towards affordable and reliable supplies.
“Crude oil accounts for nearly 20 per cent of our import bill. Our fuel import bill has jumped from $8.8 billion (in quarter ending June 2020) to $24 billion in quarter ending June 2021,” oil minister Hardeep Singh Puri said at the India Energy Forum by CERAWeek.
“Rising prices impact all economies. In large developing countries such as India, you could see a surge in inflation which could also increase the cost of producing and transporting goods,” he said.