India s petroleum and natural gas ministry secretary, Pankaj Jain, has expressed concern over crude oil prices reaching $90 per barrel. The international benchmark, Brent, has increased from $15 per barrel in four months to $89 per barrel. India is the third-largest importer of crude oil and ships 88% of its requirements. The impact of high prices can only be gauged if they are sustained for long.
Rising crude oil prices are a cause for concern for the world s third-largest importer of the commodity, India s oil secretary Pankaj Jain said on Wednesday. As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices.
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