The New Indian Express ·
India faces higher oil import costs as crude prices surge on West Asia supply risks
NEW DELHI: India faces the prospect of a higher oil import bill and renewed inflationary pressure after international crude prices surged on Tuesday, with Brent approaching USD 100 a barrel as escalating West Asia tensions raised concerns about disruptions to global supplies.
Brent futures rose more than 2 per cent to around USD 99 a barrel, while US West Texas Intermediate crude gained almost 3 per cent to about USD 94. The latest development followed attacks on Saudi energy infrastructure and heightened tensions involving Iran and the US, raising concerns about further disruption to oil flows.
India, the world's third-largest oil importing and consuming country, is particularly exposed to swings in international crude prices. It imports over 88 per cent of its crude - raw material for making fuels like petrol and diesel - requirements.
