June 4, 2023

Oil price goes up since end of elections

Since the end of the general election in India, the oil price – both diesel and petrol – has been showing an upward momentum. Last day alone, a 8 to 10 paise increase in the petrol price and a 15 to 16 paise increase in the diesel price have been reported across the country.

Mumbai is where the prices are at its peak. As we moves away from the metropolitan cities, the prices gradually decrease.

The hike in the oil price in the country is attributed to the hike in the crude oil price in the global market.

Recently, the US denied permission to India to continue its oil business with Iran, the fourth largest oil importer to the South Asian country.

In the coming days, the prices are likely to increase rapidly. It may not take too long to touch the peak if it moves in this pace.

What India has to do now is it must either convince the US about its situation or find a new stable partner to do the oil business.

Unless and until India reaches a solution, the situation will keep moving towards the worst.

The hike in the oil price in the country can actually affect almost all sectors adversely. It may even negatively impact the growth of the country.

Vignesh. S. G
Photo Courtesy: Google/ images are subject to copyright


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