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Oil crisis to have limited impact on inflation: RBI Governor

Shaktikanta Das expressed the hope that the high crude prices will have a limited impact on inflation and fiscal numbers. Drone attacks on the world's largest oil refinery in Saudi Arabia, alleged to have been carried out by Iran over the past weekend, has to lead to a massive 20 per cent surge in crude prices.

Oil crisis to have limited impact on inflation: RBI Governor
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Published : Sep 19, 2019, 9:19 PM IST

Mumbai: Reserve Bank governor Shaktikanta Das on Thursday expressed the hope that the ongoing crisis in Saudi Arabia that has spiked crude prices to multi-year highs will have a limited impact on inflation and fiscal numbers.

Drone attacks on the world's largest oil refinery in Saudi Arabia, alleged to have been carried out by Iran over the past weekend, has to lead to a massive 20 per cent surge in crude prices.

The crisis has spooked domestic markets and roiled the rupee leading to fears that a prolonged supply disruption will create problems for the domestic economy as around 80 per cent of oil demand is met through imports.

Addressing the Bloomberg India economic summit here this evening, Das said he expects the Saudi crisis to have only limited impact on inflation and the fiscal numbers are given the lower subsidy outgo.

He, however, was quick to add that the developments emanating from drone strikes on Saudi oil facilities are still playing out.

Das said so far this fiscal the rupee has traded in a narrow range, with modest appreciation in the first quarter giving way to some depreciation in August and in the first half of September, accentuated by the drone attacks on Saudi oil facilities on September 14.

Also Read: Gandhi: The sacred warrior who taught global leaders lessons of Ahimsa

Mumbai: Reserve Bank governor Shaktikanta Das on Thursday expressed the hope that the ongoing crisis in Saudi Arabia that has spiked crude prices to multi-year highs will have a limited impact on inflation and fiscal numbers.

Drone attacks on the world's largest oil refinery in Saudi Arabia, alleged to have been carried out by Iran over the past weekend, has to lead to a massive 20 per cent surge in crude prices.

The crisis has spooked domestic markets and roiled the rupee leading to fears that a prolonged supply disruption will create problems for the domestic economy as around 80 per cent of oil demand is met through imports.

Addressing the Bloomberg India economic summit here this evening, Das said he expects the Saudi crisis to have only limited impact on inflation and the fiscal numbers are given the lower subsidy outgo.

He, however, was quick to add that the developments emanating from drone strikes on Saudi oil facilities are still playing out.

Das said so far this fiscal the rupee has traded in a narrow range, with modest appreciation in the first quarter giving way to some depreciation in August and in the first half of September, accentuated by the drone attacks on Saudi oil facilities on September 14.

Also Read: Gandhi: The sacred warrior who taught global leaders lessons of Ahimsa

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URG COM ECO GEN NAT
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RBI-DAS-CRUDE
Oil crisis to have limited impact on inflation,fisc nos: Das
         Mumbai, Sep 19 (PTI) Reserve Bank governor Shaktikanta
Das Thursday expressed the hope that the ongoing crisis in
Saudi Arabia that has spiked crude prices to multi-year highs
will have limited impact on inflation and fiscal numbers.
         Drone attacks on the world's largest oil refinery in
Saudi Arabia, alleged to have been carried out by Iran over
the past weekend, has lead to a massive 20 percent surge in
crude prices.
         The crisis has spooked domestic markets and roiled the
rupee leading to fears that a prolonged supply disruption will
create problems for the domestic economy as around 80 percent
of oil demand is met through imports.
         Addressing the Bloomberg India economic summit here
this evening, Das said he expects the Saudi crisis to have
only limited impact on inflation and the fiscal numbers given
the lower subsidy outgo.
         He, however, was quick to add that the developments
emanating from drone strikes on Saudi oil facilities are still
playing out.
         Das said so far this fiscal the rupee has traded in a
narrow range, with modest appreciation in the first quarter
giving way to some depreciation in August and in the first
half of September, accentuated by the drone attacks on Saudi
oil facilities on September 14. PTI AA HV
BEN
BEN
09191946
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