New Delhi: The increasing tension between Israel and Iran can now affect the pockets of those using vehicles and two-wheelers in India, reports Dynamite News correspondent.
In the coming days, there is a possibility of an increase in the prices of petrol and diesel. This time the reason for the rise in prices is not a domestic reason, but a geopolitical crisis born internationally.
In fact, due to the Israeli-Iran controversy, the stir in the global market has intensified, which has affected the prices of crude oil. Brent crude prices suddenly increased by $6 per barrel, and it crossed $78, which is considered to be the biggest jump of the last 5 months.
This edge can directly affect the retail prices of petrol and diesel in India.
What will the effect look like in India?
Fuel prices in India mainly depend on international crude oil prices. Companies like Indian Oil, HPCL, and BPCL monitor the global prices of crude oil daily and fix the domestic rate on the same basis.
Currently, petrol in Delhi is ₹ 94.77 and diesel ₹ 87.67 per liter. Petrol is ₹ 103.50 and diesel is ₹ 90.03 in Mumbai, while petrol is ₹ 100.80 and diesel is ₹ 92.39 per liter in Chennai. If Brent crude goes above $80, it is possible to increase the prices of petrol and diesel from ₹3 to ₹5 per liter in India.
If the situation worsens, the crisis can deepen
If the struggle between Israel and Iran remains in a limited scope and the oil supply is not affected, then the impact on prices may be limited. But if the situation worsens and other oil-producing countries are also affected, then the situation in India can be serious.
What can the public do?
In such a situation, it is necessary for the common people to alert themselves. For better mileage, keep the pressure of the tires of the vehicle proper, avoid non-essential travel, do carpooling, or increase the use of public transport. Also, turning to electric or hybrid vehicles can also be a practical and intelligent option.