In a conference in Switzerland, the RBI (Reserve Bank of India) Governor said that if the Middle East tensions continue, then India may increase petrol and diesel prices. India is currently in the direction of fiscal consolidation.
There is a blockade of the Hormuz Strait due to the West Asia conflicts, and gas and energy supplies have stopped. The RBI Governor said in a press conference that India is dependent on fertilisers and energy supplies, and these crises are severely impacting India. Because of the crisis, India may increase the energy prices. Currently, the prices of diesel and petrol are the same. To reduce foreign exchange, Narendra Modiji has asked Indians to reduce the consumption of fuel because this has weakened the rupee against the dollar.
|