India worries about high oil costs, says secretary

India’s oil secretary, Pankaj Jain, voiced concerns over the surging crude oil prices, citing anxiety over the geopolitical factors influencing the market.

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Speaking at an industry event, Jain highlighted the impact of rising prices on the world’s third largest importer of crude oil. With Brent crude nearing $90 per barrel, Jain emphasized the need for vigilance, stating, “Whenever prices go up, it does cause anxiety, cause concern.” He noted that sustained high prices could prompt oil marketing companies to adjust retail fuel prices accordingly. The recent escalation in geopolitical tensions, coupled with traditional summer demand, has contributed to the upward pressure on prices, raising apprehensions about potential impacts on India’s economy.