Explained : ‘No plans to increase fuel prices’ and Its Impact

Oil prices saw a significant correction after US President Donald Trump said that the war involving US, Israel and Iran could “end soon.” 

Prices continued to decline in early trading in Asia on Tuesday. Brent crude dropped about 8.5% to around $92.50 a barrel, while US-traded oil fell roughly 9% to about $88.60 a barrel.

The drop in oil prices offer much needed respite after surging past the $100-per-barrel mark on Monday.

Senior government officials, as reported by the Indian media, said there are no plans to increase retail prices of petrol and diesel unless the conflict prolongs in the Middle East.

Last week, government sources had indicated that India has a fuel stock that would last six-eight weeks which will be replenished by increasing supply from other regions.

However, the situation concerning the supply of LPG remains grim as the Indian government has increased the gas cylinder booking period from 21 days to 25 days.

Hello! This is Midhat from New Delhi bringing you news from India today.

The budget session opened yesterday with heated exchanges as the opposition demanded a discussion on rising crude oil prices due to the US-Israel war with Iran.

India’s Foreign Minister S Jaishankar gave a statement on the issue in parliament but no discussion was held, forcing the opposition to protest outside the parliament.

As of today, the Indian markets which plummeted amid the ongoing conflict in the Middle East have relaxed after oil prices fell by around $30 per barrel.

However, the surge in LPG prices have battered businesses in India. Farmers’ groups and trade unions have announced a nationwide strike for Tuesday.

Stay tuned!