News24 Bureau, Inderjit Singh, Mumbai (1 October): Most of India’s money is spent on oil imports. That is why in the coming days, the cost of petroleum goods will increase.
The rising oil prices will affect the US, China, India, who import oil equivalent oil. Also the dollar will be stronger and stronger. Especially the financial losses of developing countries will increase which countries import oil. They will be damaged. Some exporting countries will benefit.
Due to rising oil prices, inflation will increase. All businesses dependent on Petralium will have to spend more. This will increase the interest rate.