Oil prices worrying, no need for panic: Aiyar (India)

Union Oil Minister Mani Shankar Aiyar said on Monday a surge in global crude oil prices was a cause for concern but added India had enough foreign currency reserves to buy oil at high prices.

“There is no cause for panic. We have enough foreign exchange reserves but nevertheless, at $60, the implications for consumers are worrying,” Aiyar told reporters on the sidelines of a government meeting