Crude oil shocks will be felt when retail prices are freed

Yet, the economic threat posed by higher oil prices remains real and the current scenario may be temporary. A year back, an economic survey estimated that world GDP would be at least half a per cent lower in the year following a $10 oil price increase from $25. So, India and China were estimated to lose 1% and 0.8 per cent, respectively, with every equivalent rise. These effects may still be in the waiting
FinancialExpress