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Limited impact on inflation till now: FM
Financial Express Mumbai
|March 10, 2026
THE IMPACT OF higher oil prices, triggered by the US-Iran war, on domestic rates has not been substantial so far, as inflation is near the lower bound of the target, Finance Minister Nirmala Sitharaman said on Monday.
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According to the Reserve Bank of India's Monetary Policy Report released in October 2025, if crude oil prices rise by 10% above the baseline assumption and are fully passed on to domestic consumers, inflation could rise by about 30 basis points, the FM said in a written reply to the Lok Sabha. However, the actual effect depends on several variables, she added.
THESE INCLUDE GLOBAL supply-demand conditions, monetary policy responses, the prevailing inflation environment, and the extent to which higher crude costs are transmitted to domestic prices, she added.
The Indian crude basket rose from $69.01 per barrel at the end of February to hit $80.16 by March 2, 2026, the FM said.
This story is from the March 10, 2026 edition of Financial Express Mumbai.
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