The govt's answer has come on petrol and diesel prices, know when will it become cheaper?

Petrol-Diesel Price: In recent times, there has been a rapid jump in crude oil prices amid the growing conflict in West Asia, which is having a direct impact at the global level. After the conflict between Iran and Israel started, crude oil prices have increased by about 10 percent. In the international market, crude oil from Gulf countries has crossed $ 78 per barrel, whereas last month it was below $ 70 per barrel. Amidst this growing crisis, concerns have also increased in India regarding the prices of petrol and diesel. In this regard, a statement by the country's Petroleum Minister Hardeep Singh Puri has come out.

The government is keeping an eye

India's Petroleum and Natural Gas Minister Hardeep Singh Puri said in an important statement on Monday that the Government of India is alert to the ongoing conflict in West Asia and the rising prices of crude oil and is constantly monitoring the situation. He also said that India, which is the world's third largest oil consumer and importer, is fully prepared to deal with any challenge.

Puri also stressed that there is no shortage of oil at the moment and India is fully capable of meeting its energy needs. He assured that despite the recent rise in crude oil prices, there is no immediate threat to the country in terms of supply. However, if tensions in West Asia escalate further, the situation may change and then the availability of energy may also be affected.

Possible crisis on Israel and Hormuz

The biggest concern in the context of the growing conflict between Iran and Israel is the Strait of Hormuz. The Strait of Hormuz, which lies between the Persian Gulf and the Arabian Sea, is one of the most important oil routes in the world. A fifth of global oil passes through this strait. If the conflict between Iran and Israel escalates, Iran may close the Strait of Hormuz, which may further increase oil prices.

When will petrol and diesel prices become cheaper?

Responding to a question on the possibility of reduction in petrol and diesel prices, Petroleum Minister Puri said that petrol and diesel prices in India are market based. This means that petroleum companies determine the prices and the government does not directly interfere in it. He also said that the situation is serious at the moment, but it should be hoped that the situation does not worsen further.

However, till some time ago, a reduction in petrol and diesel prices was expected, but the recent surge in the global market has curbed it. Rating agency ICRA recently said that if oil prices stabilize, a reduction in petrol and diesel prices by Rs 2-3 per liter may be possible.

Conclusion

The current situation in West Asia has affected the global oil markets and its impact is also being felt on oil importing countries like India. However, the Government of India and Petroleum Minister Hardeep Singh Puri have made it clear that the country is ready to deal with any crisis and there is currently no problem with oil supply.