India's Finance Ministry warns oil surge could raise consumer prices
Business
The Finance Ministry is sounding the alarm as crude oil prices shot up 28.66% in September jumping from $90.19 in August to $116.04 in September.
This spike means India's import bills are getting heavier, which could push up prices for everyday goods and services.
India's oil imports raise logistics costs
Since India relies a lot on imported oil, higher prices can make things like transport and logistics more expensive, affecting everything from food delivery to travel.
There's also added uncertainty with global trade, especially if the US moves ahead with new tariffs on countries buying Russian oil.
Still, despite these bumps, India's economy grew a solid 7.8% recently, thanks to strong manufacturing and services, a sign that things aren't all gloomy just yet.