Prices for energy commodities like oil, natural gas and coal are expected to jump by a whopping 20 per cent this year, the World Bank has said in a report.
The increase in energy prices is expected to have adverse impact on India, given that the country is heavily dependent on import of major energy commodities.
The latest World Bank forecast is a 16-percentage point upward revision from October’s outlook, the World Bank said in its April Commodity Markets Outlook released yesterday.
Oil prices are forecast to average USD 65 a barrel over 2018, up from an average of USD 53 a barrel in 2017, on strong demand from consumers and restraint by oil producers, while metals prices are expected to rise nine per cent this year, also on a pickup in demand and supply constraints, the World Bank said. Read More