Oil costs at $110/bbl pose ‘larger threats’ than inflation: Hardeep Singh Puri

Union oil minister Hardeep Singh Puri stated oil costs staying at $110/barrel may just pose larger threats than inflation to the worldwide economic system.

“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 advised 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 stated.

India has trimmed tax charges on a number of merchandise together with fuels to tame inflation.

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