Moneycontrol
Mar 21, 2012 09:07 PM IST | Source: Moneycontrol.com

High crude oil prices: How will it impact India and you?

Disruption in supplies from Iran continue to nudge crude prices higher, and signs of the global economy stabilising means that oil prices could stay firm or even climb further.

High crude oil prices: How will it impact India and you?

Moneycontrol Bureau


Disruption in supplies from Iran continue to nudge crude prices higher, and signs of the global economy stabilising means that oil prices could stay firm or even climb further. Crude oil prices have already risen around 15% so far this calendar, with the benchmark Brent ruling around USD 124.54 per barrel.


Yesterday, International Monetary Fund (IMF) chief Christine Lagarde cautioned that supply disruptions from Iran could push global crude prices by up to 30% from these levels.


There are concerns that high crude prices may derail global economic recovery. "The sudden and brutal rise in the price would have serious consequences on the global economy at large and will impact particularly the oil importing countries and amongst them low income countries," Lagarde warned.

India will be among the countries that feel the pinch of rising oil prices, given its high dependence on imports. For this financial year till April, India

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