The drone attacks on the world's largest oil processing facility in Saudi Arabia on Saturday have disrupted global oil supply and sent prices soaring. Given that India is the world's third-largest oil importer, the uptick in global crude oil prices will inflate the import bill and disrupt the country's fiscal position. Wholesale inflation, based on monthly WPI, remained unchanged at 1.08% in August. In July, wholesale inflation had come down to its lowest in 23 months, since July 2017. Read more headlines from the world of business and economy today:
Given that India is the world's third largest oil importer, the uptick in global crude oil prices will inflate the import bill and disrupt the country's fiscal position. However, the ensuing impact on domestic petrol and diesel prices is expected to be short-lived.
Experts believe the govt's decision to provide the last mile funding is a wrong approach and is unlikely to benefit majority of the projects, which are stuck in different stages of construction due to the definition of the projects under this scheme.
Build up inflation rate in the financial year so far was 1.25% compared to a build up rate of 3.27% in the corresponding period of the previous year.
Following an attack on Saudi Arabian refining facilities that disrupted global oil supply and soared tensions in the Middle East, shares of oil marketing companies (OMCs) were trading lower on Monday's trading session.
The new version of 'Narendra Modi' app includes new features such as one-touch navigation, a new content section called 'NaMo Exclusive' and content recommendations based on user interest.