Union Finance Minister Nirmala Sitharaman on Tuesday said that the FULL BLOWN war in Ukraine has affected several countries like how COVID 19 pandemic affected the world. The war between Russia and Ukraine has led to an interruption in supply chains.
After a months-long pause on petrol and diesel prices and then the sudden hike, the finance minister further said that the war is adding the disruption in supply chains and increasing global oil prices is only a ‘couple of weeks’ phenomenon.
Sitharaman said that the Opposition had stated that the war is going on for a month now but the fuel prices have increased just 10 days back. “Absolutely untrue. An increase in the price of global oil and also disruptions to supply are happening since a couple of weeks ago and we are responding to it,” she added.
On March 22, Oil Marketing Companies hiked the prices of petrol and diesel after 137 days. Since then, the fuel rates have been raised by Rs 5.60 per litre, a record increase in any 9 days since June 2017.
FM noted that the country had received $500.5 billion as a foreign direct investment during the PM Narendra Modi led government, which was 65 per cent more than the amount received in the 10 years of the UPA government.
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