Not a major inflation risk yet, says FM

New Delhi: Finance Minister Nirmala Sitharaman on Monday said the recent rise in global crude oil prices is not expected to have a substantial impact on India’s inflation at present as price pressures remain low.

In a written reply in the Lok Sabha, she said crude prices had been declining for the past year until geopolitical tensions in West Asia escalated on February 28, 2026. The Indian basket crude price rose from $69.01 per barrel at the end of February to $80.16 per barrel by March 2.

Sitharaman said with inflation near the lower bound of the Reserve Bank of India’s tolerance band, the immediate impact is limited.