Petrol-Diesel Prices May Increase
Petrol-Diesel Prices May Increase After March 31 : The ongoing war and unrest in West Asia have created a major crisis for the Indian economy. The supply disruption due to the blockade of the Hormuz system has led to a sharp increase in crude oil prices in the global market. On Friday, the price of the Indian crude oil basket reached $136.56 per barrel, which was only $70.9 before the war.
Expensive beating after the election!
Although oil companies have kept retail prices unchanged for now, the situation is expected to change after March 31. According to experts, the government may put a hold on price hikes till April 29 as elections are underway in four states, but after that, the burden of oil price hikes is sure to be borne by the common man. 60% of India’s fuel comes through the Strait of Hormuz, a sea route through Iran. Due to the blockade of this route, not only the Arab countries but also the “Urals crude” oil coming from Russia has become 50% more expensive. The International Energy Agency (IEA) has warned that the market will remain volatile until the situation normalizes.
