The effects of the ongoing tensions in the Middle East are now being felt worldwide. Oil prices are steadily rising, and there are clear indications that petrol and diesel prices in India may also rise. If this conflict continues for a long time, petrol and diesel prices in India may rise further. This isn't just our assertion, but Reserve Bank of India Governor Sanjay Malhotra himself has stated it.

What did the Governor say?
According to media reports, RBI Governor Sanjay Malhotra was in Switzerland to attend a conference organized by the Swiss National Bank and the International Monetary Fund. In his address, he said that if this situation persists for a long time, the government will have to pass on some of the price increase to consumers. He further said that excise duty has been reduced due to the ongoing conflict, while state-owned fuel retailers are absorbing the increase in crude oil prices.

According to media reports, Sanjay Malhotra's statement comes after Prime Minister Modi's appeal to reduce oil and gas consumption. This is a cause for
concern, and the Prime Minister also urged people to temporarily postpone gold purchases to protect the country's foreign exchange reserves. Following this, the government recently significantly increased the duty on gold, and further steps may be taken to reduce imports.

PC- Punjabkesari.in