India Sees Crude Oil Price Fall Amid Geopolitical Turmoil

India's average crude oil basket price has significantly dropped to $77.6 per barrel in July from $114.5 in April, easing pressure on the country's import bill and supporting the external sector.

The government informed Parliament that recent geopolitical developments in West Asia have affected countries globally, with major implications for crude-oil-importing emerging economies.

Minister of State for Finance Pankaj Chaudhary stated that the decline in crude oil prices, along with sustained growth in services exports and remittance receipts, is expected to support the external sector and mitigate pressures on the current account.