Amid the surging anxiousness over the Ukraine crisis, the global oil market was taken by surprise when Brent crossed
the $100 mark after the chasm of almost eight years. After witnessing such hikes in the global oil market, it can easily be estimated that Indian consumers, experience instability in fuel prices. The ephemeral stability in the local fuel prices would soon be jolted by Putin's action and can simultaneously affect the Average Indian household budget.
With the downfall of diplomacy and exponential rise in conflict between Russia and the western world, it is likely to witness the crude oil market, as well as the gas prices, skyrocketing and imposing an additional burden on major oil importers like India.
After chairing the FSDC meet and scrutinizing the global scenario, Finance minister Nirmala Sitharaman has acknowledged that the snapping instability in the global oil market can pose a wider challenge to India's financial stability. She also claimed that the government is maintaining a keen watch on the situation. Nirmala Sitharaman further stated that the government will take immediate steps when the need to intervene will arise.
Curtailing the taxes further as it was done last year can ease the burden of the Indian consumer to some extent but
how far that option can be practised remains to be detected at a time when the government has primary spending agendas for the successive fiscal and the tightening rate situation could make borrowing costly.