Iran-Israel War: During the Iran-Israel war, a decline in the price of crude oil is being seen in the international market. After a fall of 1.20 percent in WTI Crude, rates of $ 74.65 per barrel are being seen. Apart from this, the international benchmark i.e. Brent crude has become cheaper by 1.21 percent and it has come at the rate of $ 78.08 per barrel.
The situation changed due to the attack on Northern Israel on Sunday.
According to Israeli officials, Hezbollah carried out a drone attack on the IDF base near Binyamina on Sunday. There are reports of four Israeli Security Force soldiers killed and dozens injured in the northern Israeli city of Binyamina.
How is India dealing with the fluctuations in crude oil rates?
Before the deepening of the Iran-Israel conflict, when the prices of crude oil were showing considerable stability, expectations of cheaper petrol and diesel rates had started emerging in India too. However, as soon as the fires of war flared up in the Middle East, reports of crude oil prices going up in flames started coming. Clearly, this situation was a bit confusing for India, hence it started coming out from government sources that right now the government is not in a position to reduce the prices of petrol and diesel in the country, because if there is a similar increase in the price of crude oil, If it persists, then in future the citizens of the country will have to be saved from its flame.
How will India deal with this period of turmoil?
India is currently importing 40 percent of its oil needs from Russia and the oil import from Iran is a very less percentage. Due to this reason, it is not expected that there will be a sudden panic situation in India, but the government is also considering these measures.
At present, the Central Government is not ruling out the possibility of rise in crude oil and hence instructions are given to oil marketing companies to keep an eye on the ongoing fluctuations in crude oil. There is a possibility of fall in rupee after crude oil becomes expensive. Apart from this, the common people have not got any relief on the rates of petrol and diesel at present, however, if the government tries to take election mileage, then transport fuel may also become cheaper before the upcoming Maharashtra Assembly elections.
There is a possibility that India may also be affected by geo-political tensions, but RBI has said after its MPC meeting that it is keeping an eye on the situation. The Central Bank is taking care that the rupee does not fall due to the impact of the Iran-Israel war and many other measures are also being worked on.
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