India cannot remain insulated from the global oil shock, and the sharp rise in crude prices is directly hurting the country’s economy, former Bharat Petroleum Corporation Ltd. (BPCL) Marketing Director Sukhmal Kumar Jain said on Sunday, pointing to rising import costs and rupee depreciation as key concerns.
Speaking on the impact of rising fuel prices, Jain said the oil and gas sector plays a major role in India’s GDP and remains heavily dependent on imports, making the economy vulnerable to global price swings.
Also read: Retail fuel price hike 'inevitable' if global oil pressures persist: BPCL's Director HR
“No economy is isolated from the world economy,” Jain told news agency ANI, adding that India imports nearly 85% of its crude oil requirements.
