Low prices in crude if passed to common man means that :
- The govt excise revenue will fall from excise collection.
- If oil remains down than we may see 20 oil-producing nations will get into recession and more than 8 Million Indians working in these countries will return back to India causing the unemployment rate to increase substantially. This effectively means drying of approx $60 Billion remittances from abroad.
- India exports $34 Billion petro products also and is an importer of $112 billion out of which $95.5 Billion is crude only.
So, now you will understand why the too high or too low crude price is not good for India.
India major crude suppliers are as listed in the below screenshot
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