The way crude oil prices are rising due to the tension in the Middle East and have reached a five-month high. Fears of a possible attack between the US and Iran and the continuous increase in attacks on Saudi Arabia by the Iran-backed Houthi group have led to an increase in prices in the international crude markets. In which Brent crude has become worth $ 114 per barrel. While the price of WTI crude has also crossed $ 100. Thus, the price of Brent crude has increased by 6.78 percent in the last one month. The rising price of crude oil is affecting India the most. There is a huge increase in the import bill in India, against this pressure, the only option for oil companies is to increase prices. However, since the festival of Diwali is coming soon, it does not seem that the price increase will be passed on to the public. But it is being clearly believed that after the Diwali festivals, the prices of petrol and diesel will increase in the country and this price increase will not be less than Rs. 5 per liter. Given the current situation, petrol and diesel prices may increase by up to Rs. 10 per liter. Considering the global situation and especially the problems in the Middle East, there is little chance of this problem being resolved in the short term. Since the Iran-backed Houthi rebels have jumped into this tension, they are targeting Saudi Arabia, which is threatening to cause major damage to Saudi Arabia's oil refineries. Not only this, this tension is becoming more serious as the Houthi rebels have also taken responsibility for attacks on the Red Sea port of Yanbu. On the other hand, mid-term elections are coming up in America and Israel, during which both countries seem to be calm, after which America and Israel may launch joint attacks. On the other hand, the war between Ukraine and Russia is also not calming down, now Ukraine is also targeting Russian oil refineries and is continuously attacking. So there is no possibility of a decrease in the price of crude oil. The situation of passing through the Strait of Hormuz has not become normal, attacks on ships passing through this bay are ongoing. In the coming time, there will be an energy crisis, the problem may become more serious for a large crude importing country like India. If this situation continues till the year 2026, then it is not surprising if the price of crude oil crosses 150 dollars per barrel. As a result, India has to face heavy economic pressure.
Petrol, diesel prices to increase in India after Diwali (business) is featured on Aapnu Amdavad — the digital home of Ahmedabad, where Amdavadis discover business and everything happening across the city.