New Delhi: The impact of increasing tension between America and Iran is clearly visible on the global oil market. Crude oil prices have increased in the international market due to the attacks on ships in the Strait of Hormuz and the subsequent US military action. Despite this, there was no change in the retail prices of petrol and diesel in India on Wednesday.
Why did the prices of crude oil suddenly rise?
Due to increasing geopolitical tension in the Middle East, the price of Brent crude in the global market rose by about three percent. During Asian trading, Brent crude reached around 76 dollars per barrel. Experts believe that the attack on ships in the Strait of Hormuz and America’s action in response to it have increased concerns about oil supply.
What are the prices of petrol and diesel in India?
Despite the increase in the price of crude oil in the international market, the prices of petrol and diesel remain stable in the country at present. In all major cities including Delhi, Mumbai, Kolkata, Chennai, oil companies have kept the old prices applicable on Wednesday. At present consumers have not faced any increase in fuel prices.
What did the government say about E20 petrol?
Amidst the questions being raised in the country regarding E20 petrol mixed with 20 percent ethanol, the central government has made it clear that the reports of it causing damage to vehicles are misleading. Petroleum and Natural Gas Minister Hardeep Singh Puri said that no evidence has emerged of any vehicle having problems due to the use of E20 petrol.
He said that in India first E15 and then E20 fuel is being used successfully. The government says that adopting this fuel will reduce dependence on foreign oil and will also benefit the environment.
What did Nitin Gadkari say?
Union Minister Nitin Gadkari also supported E20 fuel, saying that India spends lakhs of crores of rupees on fuel imports every year. In such a situation, increasing the use of ethanol-blended fuel is necessary from both economic and environmental points of view. He said that people should avoid the wrong information being spread about E20 petrol.
What could be the impact going forward?
Experts say that if the tension between America and Iran persists for a long time and crude oil prices continue to rise, it may also affect fuel prices in the coming days. However, at present Indian oil companies have not made any change in the prices of petrol and diesel, which has brought relief to the common people.
