(T.N.I.E)
The Union Government, which is concerned about the rising crude oil prices in the international market owing to the Russia-Ukraine war, may make use of budgetary provisions to tackle the situation. Union Finance Minister Nirmala Sitharaman on Tuesday said that since the spike in crude oil prices will have a bearing on fuel prices in the country, the government will look at ways to cushion the impact.
“Since we import over 85-90 per cent of crude oil, the rise in price is a matter of concern, but alternative sources will also be considered. We are watching the situation closely as to how it pans out. I am conscious about it,” she told a select audience during an interactive session on ‘Atma Nirbhar Indian Economy’, organised by the BJP. The minister hinted at compensating Indian oil companies for the price hike to ensure that consumers do not feel the pinch. “The CoWin application was also a contribution to the world, which means the PM’s Atma Nirbhar is not just for me and you, but for global welfare”, she remarked
