New Delhi. Due to the war between Ukraine and Russia along with the possible war between Israel and Iran, there was a danger of inflation rising again across the world. There were chances of rising inflation in India too, but now good news has come. Common people in India probably will not have to face inflation. The reason for this is the decline in the price of crude oil. At the same time, the rupee strengthened by 4 paise against the dollar in the currency market on Monday.
Due to increase in the price of crude oil, oil refining companies have to increase the price of petrol and diesel. Recently, when Iran fired more than 200 rockets at Israel and Israel threatened to take revenge, the prices of crude oil increased. At that time the price of every barrel of crude oil had reached 75 to 80 dollars. Israel has not yet retaliated against Iran and there is still a tense peace between the two. Perhaps this is why the price of crude oil has declined. The price of WTI crude oil has fallen by 1.20 percent to $ 74.65 per barrel. At the same time, Brent crude has also declined by 1.21 percent and is being sold at $ 78.08 per barrel. However, the threat of inflation will be completely averted when the price of crude oil comes down further.
India started importing crude oil from Russia at a cheaper price after fearing a rise in crude oil prices after the start of the war between Ukraine and Russia. Before this, India rarely bought Russian crude oil. European countries and America expressed a lot of objection to India’s decision to import crude oil from Russia, but Modi government’s Petroleum Minister Hardeep Singh Puri and Foreign Minister S. Jaishankar clearly said in many international forums that it is the responsibility of the government to protect the interests of the people of India and in such a situation the import of crude oil from Russia will continue. Apart from Russia, India also buys crude oil from Iraq, Iran, Kuwait and America. Recently, America has also approved India’s Reliance for importing crude oil from Venezuela. This has also provided a way to stop the rise in prices of petrol and diesel in India.
