NEW DELHI, May 23 (Reuters) – Indian oil minister Hardeep Singh Puri said oil prices staying at $110/barrel could pose bigger threats than inflation to the global economy.
“If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you’re talking about bigger threats. You know, that’s where the R (recession) word comes in,” Puri told CNBC TV18 in an interview at Davos.
“And if the global economy goes in that direction, everyone, including the oil producers, everyone will have to face the consequences then inflation,” he said.
India has trimmed tax rates on several products including fuels to tame inflation.