Oil prices in India hit $128.80, inflation at 4.8%
Business
Oil prices in India have jumped to $128.80 a barrel, a 92% spike since July and the highest since April.
This surge, paired with retail inflation rising to 4.8%, is putting pressure on the rupee (now at 95.92 rupees per US dollar) and making everyone wonder if fuel costs will hit wallets soon.
Global supply issues push Brent higher
Higher crude prices mean transportation, delivery, and manufacturing are all about to get pricier, according to Motilal Oswal Financial Services.
While you might not see an instant hike at the pump, overall inflation could creep up.
The main reason? Global supply issues, especially with Saudi Arabia's energy disruptions, are pushing Brent crude up, too, making things tricky for India's economy right now.