Story perspectives

India's Finance Minister: Inflation Impact from Oil Prices Limited

3/10/2026

Center

Sitharaman Addresses Inflation

Nirmala Sitharaman, India's Finance Minister, says inflation will not rise significantly from crude price gains.
Oil prices have surged about 26% recently, not seen since July 2022.
India's inflation stands at 2.75%, and the government says the impact on prices will be limited.
India has a temporary U.S. waiver to import Russian oil stranded at sea and says it does not rely on U.S. permission.

Right

Liccardo and Gallego Urge Waiver Revocation

Rep. Sam Liccardo and Sen. Ruben Gallego urged the Treasury Department to revoke the waiver allowing India to purchase Russian oil, a policy enacted under U.S. President Donald Trump.
They say the waiver benefits Russia by supporting Iran, which targets U.S. troops in the Middle East.
Oil prices have surpassed $100 per barrel, alarming Americans.
Energy Secretary Chris Wright defends the waiver, arguing price stabilization is temporary.

Left

Putin Offers Energy Resumption

Russian President Vladimir Putin said Russia would resume oil and gas supplies to Europe if cooperation remains free of political pressure.
The US-Israeli conflict disrupts shipments through the Strait of Hormuz.
European nations reduced dependence on Russian energy due to sanctions after Ukraine war.
Oil prices have surged past $100 per barrel, prompting G7 to consider measures.
Hungary's Prime Minister called for the EU to lift sanctions on Russian energy.

History

Historical Context

The 1973 OPEC oil embargo, initiated during the Yom Kippur War, led to a dramatic increase in oil prices from $3 to $12 per barrel, causing economic turmoil in the U.S. and Europe. This crisis prompted long-term shifts towards energy independence and alternative sources. Today, rising oil prices echo past challenges, reigniting concerns over inflation and geopolitical tensions, particularly involving Russia.

1 of 4

Sitharaman Addresses Inflation

Nirmala Sitharaman, India's Finance Minister, says inflation will not rise significantly from crude price gains.
Oil prices have surged about 26% recently, not seen since July 2022.
India's inflation stands at 2.75%, and the government says the impact on prices will be limited.
India has a temporary U.S. waiver to import Russian oil stranded at sea and says it does not rely on U.S. permission.

1 / 4