01-01-1970 12:00 AM | Source: Reuters
India watching crude oil prices amid inflation fears
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NEW DELHI - The government is monitoring rising crude oil prices, India's finance minister said on Tuesday, as oil prices hit near $100 a barrel after tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine.
India, which meets nearly 80% of its needs through oil imports, is worried about the rising crude oil prices as it could widen its oil import bill while leading to inflationary pressures.
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