Government Watching Crude Oil Prices Amid Rising Global Tensions, Says Finance Minister

NEW DELHI: The authorities is monitoring rising crude oil costs, finance minister Nirmala Sitharaman mentioned on Tuesday, as oil costs hit close to $100 a barrel after tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway areas in jap Ukraine.India, which meets practically 80 per cent of its wants by oil imports, is frightened in regards to the rising crude oil costs because it might widen its oil import invoice whereas resulting in inflationary pressures.Speaking to media individuals in Mumbai, the place she had earlier met trade representatives in a post-budget interplay, the finance minister mentioned that the latest fluctuations on the inventory market can be as a consequence of geopolitical elements."We are watching the development and how it can impact us," she mentioned, including that at this second, "the impact (of Russia-Ukraine) on our trade is yet to be felt".When requested whether or not the federal government would think about tax aid in view of the rising crude costs, mentioned, "crude oil is a worrisome situations where we actually voiced that we wanted a diplomatic solution for the situation that is developing in Ukraine, all these headwinds on the crude.  It is one of the very important consideration. We'll have to see how it goes. We are keeping a watch on Brent."Ms Sitharaman additional added that the federal government had already decreased taxation on gas from its finish, in October final 12 months, in bid to ease the home gas costs."The prime minister had cut fuel tax before Diwali in response to calls from the public. The problem is that fuel prices are high because of global supply issues," she mentioned, additional noting that "what oil marketing companies do (with fuel prices), I cannot answer"."When we come to stage that we need to take a decision on excise duty cut on fuel prices, we will come out publicly," the finance minister added.Government had lower excise obligation on petrol and diesel costs on November 4, 2021 by Rs 5 and Rs 10 respectively, which had introduced down gas costs. Since then, charges haven't been hiked.