With tensions between the US and Iran escalating in view of the killing of Quds Force chief General Qassem Soleimani, Congress leader P Chidambaram on Saturday said that any sharp rise in prices of crude will hurt the people badly.
Chidambaram told ANI in an interview that if oil prices flare-up, "it will hurt us badly".
He said the budget is premised on a certain average price of a barrel of oil.
"Immediate impact will be if oil prices flare-up. Our budget is premised on a certain average price of a barrel of oil. If that goes up sharply, it will hurt us very badly. It will impact the import bill, the current account deficit, fiscal deficit; there are a series of downside effects of it. Secondly, prices will go up. If oil prices flare-up, we are in trouble," said he.
A US airstrike near Baghdad international airport killed Iran's elite Quds Force chief General Qassem Soleimani on Friday.
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