Petrol Prices Going Up? Govt Issues Key Clarification

For those who don’t already know, Iran is one of the major players in the oil industry. The waterways connecting Iran accumulate nearly 20% of the oil transport and trade globally and hence, the ongoing war situation at the country is a cause of great concern. 

On that note, there have been several apprehensions and anticipation on whether the Indian government would hike the prices of petrol and diesel due to the reduced availability of crude oil in view of Iran situation.

However, the Indian government has given a crucial bit of clarification on this matter as it has been affirmed that there’s no immediate plan to hike the prices. 

According to a reputed national media channel, India has oil and crude resources that can last for the next 25 days. The government has also confirmed that they have enough refined oil reserves as well. 

On top of that, the Indian government is reportedly contemplating the idea of securing additional resources from alternative sources in order to beat the existing demand. 

Considering the fact that the ongoing conflict in Iran could lead to oil shortage in the next few days, India appears to be prepared to tackle the situation for the next four weeks. And the hope will be on finding an alternative resource for procurement of crude oil at the earliest.