The fire of war raging in the Middle East has shaken the economy of the entire world. After the attack by America and Israel on Iran, the prices of crude oil have increased so much that the big countries around the world are out of breath. Crude oil has gone near $110 per barrel and there has been a huge increase of $45 in it. But, while on one hand inflation is creating havoc all over the world, on the other hand India is standing like a strong rock with its chest held high. Today the big superpowers of the world are surprised to see this excellent economic management of India.
sweat of superpowers
The root of this entire uproar is the ‘Strait of Hormuz’ area of Iran. As soon as the war started, Iran took tight control over this important route. As soon as America and Israel bombed Iran’s ‘South Pars’ gas field, Iran also broke the back of the entire world’s energy supply by firing missiles at Qatar’s Ras Laffan Complex.
According to the Global Petrol Prices report, oil prices are skyrocketing even in a superpower country like America. The back of our neighboring country Pakistan has been completely broken, there petrol and diesel have become expensive by 20%. There has been an increase of 8% in Sri Lanka. Even China, which considers itself the biggest economic power, has been defeated. On March 10, China increased oil prices by a huge 3.7 percent, which is the biggest increase there after 2022. There is an outcry in countries like Cambodia (67%) and Vietnam (49%).
The world is troubled, India shows strength
Amidst this outcry across the world, India has shown why it is a real global power. While the governments of other countries immediately put the entire burden of increased oil prices on the heads of their people, the Indian government has completely protected the common man from this terrible global shock. The prices of regular petrol and diesel in the country remain the same. Despite the fire in the international market, the pockets of Indian citizens are safe. However, from today, oil marketing companies (OMCs) have increased the prices of premium petrol. There has been an increase of Rs 2 to Rs 2.3 per liter on this fuel. This change has been implemented in the entire country from 6 am today. But there has been no change in the price of regular petrol.
Government has ‘Plan B’
However, a slight impact of global pressure has definitely been seen on LPG. On March 7, the price of 14.2 kg domestic LPG cylinder was increased by Rs 60 and that of commercial LPG cylinder by Rs 115. But even here the government did not abandon its poor people; The subsidy of Rs 300 (up to 12 refills) under PM Ujjwala scheme continues even today.
Now the biggest question is that for how long will India not allow oil prices to rise? Experts believe that there is no need for India to panic till $ 110 per barrel. Currently, the government charges Rs 19.9 excise duty on one liter of petrol and Rs 15.8 on diesel. If necessary, the government can keep the prices under control by cutting this tax.