Business News | Govt Takes Number of Steps to Address High Oil Price Challenge
Get latest articles and stories on Business at LatestLY. The Government of India has taken a number of steps to address the challenges arising out of the surge in crude oil prices in the international markets, finance ministry sources said on Monday.
New Delhi [India], July 4 (ANI): The Government of India has taken a number of steps to address the challenges arising out of the surge in crude oil prices in the international markets, finance ministry sources said on Monday.
Nearly 85 per cent of India's petroleum product demands are met through imports. In the financial year 2020-21, over 84 per cent of India's crude oil and petroleum products demand was met through imports. In the previous year, it stood at 85 per cent.
Crude oil prices have surged since the beginning of this year largely due to the Russia-Ukraine conflict. Brent crude futures traded at $111.27 per barrel on Monday.
The high crude oil prices will push India's import bills. The current account deficit will be higher if crude surges, the sources said.
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However, the finance ministry source said the government would stick to its 6.4 per cent fiscal deficit target for the current financial year.
On the fluctuation in the currency market, the source said the rupee depreciation against the US dollar is the least. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)