Union finance minister Pranab Mukherjee Tuesday warned of a spike in global fuel prices and domestic inflation as a result of the political uncertainties in the Middle East but said the fallout of the crisis in Japan was too early to assess.
“Growing political uncertainty in the Middle East and Libya has profound implications for the global oil markets and for the fuel-oil costs and inflation in our economy,” Mukhherjee told the lower house of parliament during a debate on the Finance Bill.
“The consequences of the tragedy for the Japanese economy and the implications for the global markets are yet to be fully assessed,” he said.
“Even as we plan and prepare for the uncertainties in a globalised world, I want to emphasise that there will always be events that one cannot anticipate or plan for,” Mukherjee said.