Finance minister Pranab Mukherjee on Thursday expressed concern over the ongoing political crisis in West Asia and North Africa and its impact on crude oil prices, but said that inflation would be maintained at a moderate level.
?If you look at our oil requirement…out of 100 million tonnes imported last year, 67 million tonne or two-thirds came from West Asia alone,? he said while replying to the debate on the Finance Bill, 2011 in the Rajya Sabha.
?If the situation remains unstable there, it is quite natural for anyone to express concern and to hope and to try, if possible, to restore normalcy, peace and stability in the region because our vital interests are linked to that,? he added.
The minister?s statement comes at a time when the political turmoil in places like Libya and Bahrain has pushed global crude oil prices to a 30- month high of $ 130 dollar per barrel.
Mukherjee also pointed to the rising global commodity prices and said it was a reality to be lived with.
?…why did I refer to the crisis in Middle East or japan… Not to find a cover to have some excuse that the prices will go up. It is not that. Today my primary concern is about the availability… it is not an excuse,? he said.